Question
The owner of a company wanted to investigate the relationship between weekly revenue ($000) and weekly advertising expenditure ($). She took a random sample of
The owner of a company wanted to investigate the relationship between weekly revenue ($000) and weekly advertising expenditure ($). She took a random sample of different weeks and recorded the corresponding revenue and advertising expenditure for each week selected. Excel was then used to create the following regression output:
SUMMARY OUTPUT | |
Regression Statistics | |
Multiple R | 0.60000 |
R Square | 0.36000 |
Observations | 18 |
Coefficients | Standard Error | |
Intercept | 24.04086 | 0.50766 |
Advertising Expenditure | 4.08809 | 0.03546 |
For each extra dollar spent on advertising per week, how much is weekly revenue estimated to increase by?
Please give your answer correctly rounded to two decimal places.
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