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Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8
Consider the following sample data for the relationship between advertising budget and sales for Product A:
Observation | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
Advertising ($) | 40,000 | 50,000 | 50,000 | 60,000 | 70,000 | 70,000 | 80,000 | 80,000 | 90,000 | 100,000 |
Sales ($) | 239,000 | 315,000 | 311,000 | 363,000 | 432,000 | 438,000 | 493,000 | 486,000 | 535,000 | 603,000 |
What is the slope of the "least-squares" best-fit regression line?
Please round your answer to the nearest hundredth.
Note that the correct answer will be evaluated based on the full-precision result you would obtain using Excel.
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