Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am having trouble solving the problem below. A soft-drink company monitored its television advertising over an eight-week period to evaluate the effect on sales

I am having trouble solving the problem below.

A soft-drink company monitored its television advertising over an eight-week period to evaluate the effect on sales (in millions of dollars) with respect to the number of 30-second spots aired in that week. Estimate the regression equation. The data are as follows:

Week 1 2 3 4 5 6 7 8

Number on Spots 8 12 16 10 8 12 16 10 Sales 25 34 39 32 22 30 43 31

  • Estimate the regression line for sales on spots.
  • Test whether the slope is significantly different from zero, using = 0.10.
  • Compute S (the standard error of estimate, p. 218) and R2 (the coefficient of determination, p. 219) and interpret the results.
  • The company has reserved 20 spots for Week Nine. Forecast the sales and construct a 90 percent prediction interval.
  • Comment on the level of accuracy this analysis provides.

I have been able to find the x =11.5 and the y= 32

Can you help me to solve the regression line for sales on spots?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Business Law And The Legal Environment

Authors: Richard A Mann, Barry S Roberts

10th Edition

0324593562, 9780324593563

More Books

Students also viewed these Economics questions

Question

Personal role: This consists of service to family and friends.

Answered: 1 week ago