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Suppose we collect data on the amount of money we spend on advertising and the sales revenue for 12 different test markets throughout the country.
Suppose we collect data on the amount of money we spend on advertising and the sales revenue for 12 different test markets throughout the country. The markets are similar in size, demographics, and economics. We find the regression of sales as a function of advertising using R: lm(formula = adsalesdata$sales ~ adsalesdata$advertising) Coefficients: (Intercept) adsalesdata$advertising 33604 5.5 Assuming the regression method is valid, use it to estimate the average sales revenue in a similar market where we spend 63450 dollars on advertising. Enter the estimate to the nearest dollar
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