A used car company believes that there is a relationship between the amount spent on advertising and its sales. Data collected for 6 years are as follow: Amount spent on advertising Sales ($thousands) ($millions) 2.0 1 3.0 3 2.5 4 2.0 2 2.0 1 3.5 7 1. Find the estimated regression equation and estimate the sales when the company spends $4000 on advertising (hint: use 4 and not 4000). Show all working.
A used car company believes that there is a relationship between the amount spent on advertising and its sales. Data collected for 6 years are as follow:
Amount spent on advertising Sales
($thousands) ($millions)
2.0 1
3.0 3
2.5 4
2.0 2
2.0 1
3.5 7
1. Find the estimated regression equation and estimate the sales when the company spends $4000 on advertising (hint: use 4 and not 4000). Show all working.
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