Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (in millions of dollars). Determine if there is a significant positive linear correlation between advertising cost and profit . Use a significance level of 0.01 and round all values to 4 decimal places.Advertising CostProfit321420515626726833 Ho: ρ = 0Ha: ρ > 0Find the Linear Correlation Coefficient r = Find the p-value p-value = The p-value isGreater than ααLess than (or equal to) αα The p-value leads to a decision toAccept HoReject HoDo Not Reject Ho The conclusion is There is a significant negative linear correlation between advertising expense and profit.There is a significant linear correlation between advertising expense and profit.There is insufficient evidence to make a conclusion about the linear correlation between advertising expense and profit.There is a significant positive linear correlation between advertising expense and profit.

Answered: Image /qna-images/answer/65f664df-3fdc-4e62-92e3-70f94bc57888.jpg

Answered: Listed below are paired data consisting…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (in millions of dollars). Determine if there is a significant positive linear correlation between advertising cost and profit . Use a significance level of 0.01 and round all values to 4 decimal places.

Advertising Cost	Profit
3	21
4	20
5	15
6	26
7	26
8	33

Ho: ρ = 0
Ha: ρ > 0

Find the Linear Correlation Coefficient
r =

Find the p-value
p-value =

The p-value is

Greater than αα
Less than (or equal to) αα

The p-value leads to a decision to

Accept Ho
Reject Ho
Do Not Reject Ho

The conclusion is

There is a significant negative linear correlation between advertising expense and profit.
There is a significant linear correlation between advertising expense and profit.
There is insufficient evidence to make a conclusion about the linear correlation between advertising expense and profit.
There is a significant positive linear correlation between advertising expense and profit.

Expert Solution