Homework Help is Here – Start Your Trial Now!
Math
Statistics
A firm knows from its past experience that its monthly average expenses (X) on advertisement are Rs 25,000 with standard deviation of Rs 25.25. Similarly, its average monthly product sales (Y) have been Rs 45,000 with standard deviation of Rs 50.50. Given this information and also the coefficient of correlation between sales and advertisement expenditure as 0.75, estimate (i) the most appropriate value of sales against an advertisement expenditure of Rs 50,000 (ii) the most appropriate advertisement expenditure for achieving a sales target of Rs 80.000

A firm knows from its past experience that its monthly average expenses (X) on advertisement are Rs 25,000 with standard deviation of Rs 25.25. Similarly, its average monthly product sales (Y) have been Rs 45,000 with standard deviation of Rs 50.50. Given this information and also the coefficient of correlation between sales and advertisement expenditure as 0.75, estimate (i) the most appropriate value of sales against an advertisement expenditure of Rs 50,000 (ii) the most appropriate advertisement expenditure for achieving a sales target of Rs 80.000

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
100%

ii)only?

 

A firm knows from its past experience that its monthly average expenses (X) on advertisement are Rs 25,000 with standard deviation of Rs 25.25. Similarly, its average monthly product sales (Y) have been Rs 45,000 with standard deviation of Rs 50.50. Given this information and also the coefficient of correlation between sales and advertisement expenditure as 0.75, estimate (i) the most appropriate value of sales against an advertisement expenditure of Rs 50,000 (ii) the most appropriate advertisement expenditure for achieving a sales target of Rs 80.000
Transcribed Image Text:A firm knows from its past experience that its monthly average expenses (X) on advertisement are Rs 25,000 with standard deviation of Rs 25.25. Similarly, its average monthly product sales (Y) have been Rs 45,000 with standard deviation of Rs 50.50. Given this information and also the coefficient of correlation between sales and advertisement expenditure as 0.75, estimate (i) the most appropriate value of sales against an advertisement expenditure of Rs 50,000 (ii) the most appropriate advertisement expenditure for achieving a sales target of Rs 80.000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS