The following data represent a company's yearly sales volume and its advertising expenditure over a period of 8 years.
- Develop a scatter diagram of sales versus advertising and explain what it shows regarding the relationship between sales and advertising. Make sure your axes are labeled and that you have the axes correct (notice that x and y are above the labels). The graph should have a title that mentions the two variables.
- Use the method of least squares to compute an estimated regression line between sales and advertising OR just show it on the graph along with your r-squared value..
- If the company's advertising expenditure is $200,000, what are the predicted sales? Give the answer in dollars. (This is found using algebra and the equation of the trendline / regression line - make sure to watch your units)
- What does the slope of the estimated regression line indicate?
Homework Answers
To develop a scatter diagram of Sales (Y) versus advertising we measure Y (which is called response variable) on the vertical axis and advertising (X) along the horizontal axis. The scatter diagram is shown in the following diagram.
The corresponding observations of Y and X reveals approximately a linear path. therefore, the scatter diagram reveals that a linear relationship between sales and advertising and hence indicating that a linear regression model might be appropriate.
Add Answer to:
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