Q6. You are a business analyst at a company that sells online courses. The marketing team has conducted a linear regression analysis to study the factors affecting the sales of a particular online course. The regression model uses only the Amount Spent on Marketing (in $) as an independent variable to predict Course Sales. The model results show a strong positive relationship between marketing spend and course sales. The marketing team is thrilled and plans to increase the marketing budget, expecting sales to rise proportionally. Part A: Do you think the analysis is subject to omitted variable bias? If yes, what are some key variables that might be missing from this model? Part B: What are the possible implications if the model has omitted variable bias? How can this impact the decision to increase marketing budget. Part C: Below is a fictional correlation table where the correlation coefficients are followed by significance levels denoted within parentheses. For instance, a correlation of 0.8 with significance level p 0.05) 1 0.3 (p 0.05) -0.1 (p > 0.05) 0.2 (p > 0.05) 1 0.1 (p > 0.05) Season (Winter=0, Summer=1) 1

Please explain what the omited variable is and how to find it! Thank you!

Q6. You are a business analyst at a company that sells online courses. The marketing team has conducted a linear regression analysis to study the factors affecting the sales of a particular online course. The regression model uses only the Amount Spent on Marketing (in \$) as an independent variable to predict Course Sales. The model results show a strong positive relationship between marketing spend and course sales. The marketing team is thrilled and plans to increase the marketing budget, expecting sales to rise proportionally. Part A: Do you think the analysis is subject to omitted variable bias? If yes, what are some key variables that might be missing from this model? Part B: What are the possible implications if the model has omitted variable bias? How can this impact the decision to increase marketing budget. Part C: Below is a fictional correlation table where the correlation coefficients are followed by significance levels denoted within parentheses, For instance, a correlation of 0.8 with significance level p