Assignment Detail

Tutors

discussionAnswered

Assignment Instructions

Respond to the following in a minimum of 175 words:

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

  • Construct a scatter plot with this data.
  • Do you observe a relationship between both variables?
  • Use Excel to fit a linear regression line to the data. What is the fitted regression model? (Hint: You can follow the steps outlined on page 497 of the textbook.)
  • What is the slope? What does the slope tell us?Is the slope significant?
  • What is the intercept? Is it meaningful?
  • 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?
  • Use the model to predict sales and the business spends $950,000 in advertisement. Does the model underestimate or overestimates ales?

Verified Tutor Answer

Plagiarism Checked

Asked by: Anonymous

Answer Rating:
4.6/5
Subscribe to any of the below Membership Plans to Access Answer Files

Popular Plans

Members will get 30% OFF on all their Assignments. Use FLAT30 coupon while making payment for assignments.

Semester
$59.99 / 6 Months
Benefits:
  • Questions you can ask

    50 
  • Urgent Assignment (Solution within 24 Hours)

    25 
  • Plagiarism Free

     
  • Duration

    180 Days
  • Chat with Tutor

     
Quarterly
$39.99 / 3 Months
Benefits:
  • Questions you can ask

    30 
  • Urgent Assignment (Solution within 24 Hours)

    15 
  • Plagiarism Free

     
  • Duration

    90 Days
  • Chat with Tutor

     
Monthly
$14.99 / 1 Month
Benefits:
  • Questions you can ask

    15 
  • Urgent Assignment (Solution within 24 Hours)

  • Plagiarism Free

     
  • Duration

    30 Days
  • Chat with Tutor

     
Gold
$30 / 1 Month
Benefits:
  • No of credits

    300 
  • No of Services

    15 
  • No of Featured Services

    10 
  • Badge

    Gold 
  • Plagiarism Free

     
  • Duration

    30 Days
  • No of skills

    25 
  • Chat with Tutor

     
Platinum
$17 / 1 Month
Benefits:
  • No of credits

    250 
  • No of Services

    10 
  • No of Featured Services

  • Badge

    Platinum 
  • Plagiarism Free

     
  • Duration

    30 Days
  • No of skills

    20 
  • Chat with Tutor

     
Premium
$10 / 1 Month
Benefits:
  • No of credits

    100 
  • No of Services

  • No of Featured Services

  • Badge

    Premium 
  • Plagiarism Free

     
  • Duration

    30 Days
  • No of skills

  • Chat with Tutor

     

Similar Assignments

Discuss concept of embodied information

Reference no: EM132539154 Discussion 1: Using Goffman’s concept of “embodied information” and/OR Mauss’ concept of “techniques of the body” , what are some examples of these in our contemporary everyday life? Discussion 2: Mauss has argued in his essay ‘techniques of the body” that there is no “natural behavior”? What

View Complete Question »
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. You can send Assignments directly to support team.
👋 Hi, how can I help?
Full Grade We would like to show you notifications for the latest news and updates.
Dismiss
Allow Notifications