Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve using given info A study by a merchant investigated the relation between the advertising costs AC (in hundreds of dollars) and the sales, Sales,

Solve using given info

image text in transcribed
A study by a merchant investigated the relation between the advertising costs AC (in hundreds of dollars) and the sales, Sales, also in hundred of dollars. Fifteen observations were obtained in which the AC and Sales were recorded and input into StatCrunch which produced the regression report below Simple linear regression results: Dependent Variable: Sales Independent Variable: AC Sales = 147.61 + 5.43 AC Sample size: 15 R (correlation coefficient) = 0.77103651 R-sq = 0.594 Estimate of error standard deviation: 49.63 Parameter Estimate Std. Err. Alternative DF T-Stat P-value Intercept 147.61006 47.80385 # 0 13 3.08782 0.0086 Slope 5.4339623 1.2447062 - 0 13 4.36565 0.0008 Compute the predicted value Sales when AC is 35 C 357 578 C 338 691 365

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

Intermediate Algebra

Authors: Marvin L Bittinger

11th Edition

0321968395, 9780321968395

More Books

Students also viewed these Mathematics questions

Question

LOQ 4-19: How do we form our gender identity?

Answered: 1 week ago