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Amount Spent on Advertising

Amount Spent on Advertising

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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 follows: Amount Spent on Advertising Sales ($thousands) ($millions) 2.0 3.0 3 2.5 4 2.0 2.0 3.5 7 a. Illustrate the above on a scatterplot. b. Identify the dependent and independent variable. c. Find the estimated regression equation, and estimate the sales when the company spends $4000 on advertising. (Hint: use 4 and not $4 000). d. Does the correlation coefficient confirm closeness of the relationship between the two variables? Remember to show all working
Transcribed Image Text:A used car company believes that there is a relationship between the amount spent on advertising and its sales. Data collected for 6 years are as follows: Amount Spent on Advertising Sales ($thousands) ($millions) 2.0 3.0 3 2.5 4 2.0 2.0 3.5 7 a. Illustrate the above on a scatterplot. b. Identify the dependent and independent variable. c. Find the estimated regression equation, and estimate the sales when the company spends $4000 on advertising. (Hint: use 4 and not $4 000). d. Does the correlation coefficient confirm closeness of the relationship between the two variables? Remember to show all working
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