It is well known that advertising affects sales. To better understand the impact of different types of advertising on sales, your organization acquired a dataset with information about the advertising spending and sales for about 200 firms. The dataset includes the following variables:

• TV: spending on TV adds last year (in thousands of $)
• Radio: spending on Radio adds last year (in thousands of $)
• Newspaper: spending on newspaper adds last year (in thousands of $)
• Sales: number of products sold last year (in thousands of units)

Your supervisor asked you to explore this data, perform some basic calculations, create a scatter plot, identify any potential problems, and propose solutions for those problems. Specifically, using the Excel template available here Download Excel template available here, you should perform the following tasks:

TASK 1: In Cells G4:G7, calculate the average for each one of the variables in the dataset;

TASK 2: In Cells H4:H7, calculate the sample standard deviation for each one of the variables;

TASK 3: In Cells I4:I7, calculate the correlation between each one of the variables with sales (i.e., TV and Sales, Radio and Sales, Newspaper and Sales, Sales and Sales);

TASK 4: In Cell F12, create a scatter plot with Sales in the Y axis and TV in the X axis. The chart title should be "Impact of TV Ads on Sales", the title of the X axis should be "TV Ads (thousands of $), while the title of the Y axis should be "Sales (thousands of units)";

TASK 5: Examine the scatter plot and answer the following questions in Cells L6 and L10: (1) Do you see any potential problems with this data? Explain what the problem is; (2) How do you propose the issue identified above should be fixed?

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