Question
In: Statistics and Probability
A sales manager for an advertising agency believes there is a relationship between the number of...
A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: For each sales contact a particular person makes, the amount of sales is expected to: Select one: a. Decrease by 2.195 thousand units b. Increase by 2.195 thousand units c. Decrease by 12.201 thousand units d. Increase by 12.201 thousand units
Solutions
Expert Solution
Data is not given but i have taken as bellow,
Here we have to do regression analysis. Independent variable (X) : Number of contacts
Dependent variable: Sales (Y)
Following is the output of regression analysis generated by excel:
| SUMMARY OUTPUT | ||||||
| Regression Statistics | ||||||
| Multiple R | 0.975362147 | |||||
| R Square | 0.951331317 | |||||
| Adjusted R Square | 0.945247731 | |||||
| Standard Error | 9.31044574 | |||||
| Observations | 10 | |||||
| ANOVA | ||||||
| df | SS | MS | F | Significance F | ||
| Regression | 1 | 13555.4248 | 13555.4248 | 156.3767508 | 1.56492E-06 | |
| Residual | 8 | 693.475199 | 86.68439987 | |||
| Total | 9 | 14248.9 | ||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | |
| Intercept | -12.20103752 | 6.559575958 | -1.86003449 | 0.099925317 | -27.32744679 | 2.92537175 |
| Number Of Contacts | 2.194641842 | 0.175500178 | 12.50506901 | 1.56492E-06 | 1.789937705 | 2.599345979 |
Slope of least sqaure regression line:
Slope: 2.195
Intercept: -12.201
Since slope is positive so for each unit increase in independent variable, dependent variable increased by 2.195 units. Hence, option b is correct.
orchestra answered 1 year agoRelated Solutions
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1
2
3
4
5
6
7
8
9
10
Advertising ($)
50,000
60,000
60,000
70,000
70,000
80,000
90,000
90,000
100,000
110,000
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299,001
371,000
364,000
430,000
440,000
485,000
535,000
546,000
595,000
675,000
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Observation
1
2
3
4
5
6
7
8
9
10
Advertising ($)
50,000
60,000
60,000
70,000
70,000
80,000
90,000
90,000
100,000
110,000
Sales ($)
299,001
371,000
364,000
430,000
440,000
485,000
535,000
546,000
595,000
675,000
What is the correlation value for the relationship
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Please round your answer to the nearest hundredth.
Consider the following sample data for the relationship between advertising budget and sales for Product A:...
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advertising budget and sales for Product A:
Observation
1
2
3
4
5
6
7
8
9
10
Advertising ($)
50,000
60,000
60,000
70,000
70,000
80,000
90,000
90,000
100,000
110,000
Sales ($)
299,001
371,000
364,000
430,000
440,000
485,000
535,000
546,000
595,000
675,000
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5
6
7
8
9
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Advertising ($)
100,000
110,000
110,000
120,000
130,000
130,000
140,000
150,000
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160,000
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