35. The file P13_35.xlsx contains the amount of moneyspent advertising a product (in thousands of dollars) andthe number of units sold (in millions) for eight months.a. Assume that the only factor influencing monthlysales is advertising. Fit the following two curvesto these data: linear (Y 5 a 1 bX) and power(Y 5 aXb). Which equation best fits the data?b. Interpret the best-fitting equation.c. Using the best-fitting equation, predict salesduring a month in which $60,000 is spent onadvertising
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
35. The file P13_35.xlsx contains the amount of money
spent advertising a product (in thousands of dollars) and
the number of units sold (in millions) for eight months.
a. Assume that the only factor influencing monthly
sales is advertising. Fit the following two curves
to these data: linear (Y 5 a 1 bX) and power
(Y 5 aXb
). Which equation best fits the data?
b. Interpret the best-fitting equation.
c. Using the best-fitting equation, predict sales
during a month in which $60,000 is spent on
advertising
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