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What is the value of the regression coefficient

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Reference no: EM132846595

Models help us describe and summarize relationships between variables. Understanding how process variables relate to each other helps businesses predict and improve performance. For example, a marketing manager might be interested in modeling the relationship between advertisement expenditures and sales revenues.

Consider the dataset below and respond to the questions that follow:

Advertisement (000)          Sales (000)

1068                                            4489

1026                                            5611

767                                               3290

885                                               4113

1156                                             4883

1146                                               5425

892                                                 4414

938                                                5506

769                                                3346

677                                               3673

1184                                             6542

1009                                             5088

Question 1: Construct a scatter plot with this data.

Question 2: Do you observe a relationship between both variables?

Question 3: Use Excel to fit a linear regression line to the data. What is the fitted regression model?

Question 4: What is the slope? What does the slope tell us?Is the slope significant?

Question 5: What is the intercept? Is it meaningful?

Question 6: What is the value of the regression coefficient,r? What is the value of the coefficient of determination, r^2? What does r^2 tell us?

Question 7: Use the model to predict sales and the business spends $950,000 in advertisement. Does the model underestimate or overestimates ales?

Reference no: EM132846595

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