Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose data on advertising expenditures and revenue (both in thousands of dollars) for a certain restaurant follow. 5::::::tsllll:gs Revenue 1 1 8 2 3 2

image text in transcribedimage text in transcribed
Suppose data on advertising expenditures and revenue (both in thousands of dollars) for a certain restaurant follow. 5::::::tsllll:gs Revenue 1 1 8 2 3 2 4 43 6 41 1 0 5 3 14 53 20 54 (a) Let x equal advertising expenditures (in thousands of dollars) and y equal revenue (in thousands of dollars). Use the method of least squares to develop a straight line approximation of the relationship between the two variables. (Round your numerical values to two decimal places.) y: (b) Test whether revenue and advertising expenditures (both in thousands of dollars) are related at a 0.05 level of significance. (Use the t test.) State the null and alternative hypotheses. 0H020=0 Ha:o*0 Hoz1=0 Ha:10 OHo:o0 Ha:o=0 OHo:1$0 Ha:1=0 OHozlzo Find the value of the test statistic. (Round your answer to two decimal places.) Find the p-value. (Round your answer to three decimal places.) p-value = State your conclusion. O Do not reject Ho. We cannot conclude that the relationship between advertising expenditures and revenue (both in thousands of dollars) is significant. O Reject Ho. We cannot conclude that the relationship between advertising expenditures and revenue (both in thousands of dollars) is significant. Reject Ho. We conclude that the relationship between advertising expenditures and revenue (both in thousands of dollars) is significant. O Do not reject Ho. We conclude that the relationship between advertising expenditures and revenue (both in thousands of dollars) is significant

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

Exercises In Computational Mathematics With MATLAB

Authors: Tom Lyche, Jean Louis Merrien

1st Edition

366243511X, 9783662435113

More Books

Students also viewed these Mathematics questions

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago