The Social Media Manager at XM Airlines wants to explore the statistical relationship between various combinations of Facebook advertising spending levels and ticket price per seat, with the number of seats sold on a specific route. The table below gives the results of a sample (n=7) drawn from online ticket purchases. Answer the following using Microsoft Excel: 1. Calculate both the simple mean and the weighted mean for the average price of tickets 2. Plot a scatter plot for each of the following relationships: (1 between seats sold and price; and (2) seat sold and Facebook ads. What is the nature of each relationsing 3. Run a linear regression for each of the following relationships: (1) between seats sold and price; (2) seats sold and Facebook ads. Explain your interpretation of each regression result (evaluate multiple R,R-square, and P-value of independent variables), 4. Run a multiple regression for seats sold with ticket price and Facebook ads. From the multiple regression results (evaluate multiple R, R-square, and P-value of independent variables), explain your interpretation of the model. 5. What combination of price and unit sold yield the highest gross profit? 6. The CEO wants to know how many seats will be sold if we make the price for each ticket at 150 and spend 30,000 on Facebook advertising. Use the regression formula to calculate in Excel. The Social Media Manager at XM Airlines wants to explore the statistical relationship between various combinations of Facebook advertising spending levels and ticket price per seat, with the number of seats sold on a specific route. The table below gives the results of a sample (n=7) drawn from online ticket purchases. Answer the following using Microsoft Excel: 1. Calculate both the simple mean and the weighted mean for the average price of tickets 2. Plot a scatter plot for each of the following relationships: (1 between seats sold and price; and (2) seat sold and Facebook ads. What is the nature of each relationsing 3. Run a linear regression for each of the following relationships: (1) between seats sold and price; (2) seats sold and Facebook ads. Explain your interpretation of each regression result (evaluate multiple R,R-square, and P-value of independent variables), 4. Run a multiple regression for seats sold with ticket price and Facebook ads. From the multiple regression results (evaluate multiple R, R-square, and P-value of independent variables), explain your interpretation of the model. 5. What combination of price and unit sold yield the highest gross profit? 6. The CEO wants to know how many seats will be sold if we make the price for each ticket at 150 and spend 30,000 on Facebook advertising. Use the regression formula to calculate in Excel
