Advertising and Sales. use the technology of your choice to obtain the requested point estimate and confidence interval for the mean total sales, and the predicted value and prediction interval for total sales for television advertising of $9.5 million, magazine advertising of $4.3 million, and radio advertising of $5.2 million.
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.
Advertising and Sales. use the technology of your choice to obtain the requested point estimate and confidence interval for the mean total sales, and the predicted value and prediction interval for total sales for television advertising of $9.5 million, magazine advertising of $4.3 million, and radio advertising of $5.2 million.
Point estimation is the best measure which represent all the observation involve in the sample in a single value. Example of point estimation is sample mean, by adding all the values involve in the sample and then divide it by the total number of observation the sample.
Given :
The sales due to advertisements :
| Advertisements | Sales (million) |
| Television | $9.5 |
| Magazine | $4.3 |
| Radio | $5.2 |
| Total | $19 |
Mean or point estimation :
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