Amount Spent on Advertising
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.FOM: Focus On Modeling: Fitting Lines To Data
Problem 12P: Demand for Candy Bars In this problem you will determine a linear demand equation that describes the...
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Transcribed Image Text:A used car company believes that there is a relationship between the amount spent on advertising and its sales.
Data collected for 6 years are as follows:
Amount Spent on Advertising Sales
($thousands)
($millions)
2.0
3.0
3
2.5
4
2.0
2.0
3.5
7
a. Illustrate the above on a scatterplot.
b. Identify the dependent and independent variable.
c. Find the estimated regression equation, and estimate the sales when the company spends $4000 on
advertising. (Hint: use 4 and not $4 000).
d. Does the correlation coefficient confirm closeness of the relationship between the two variables?
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