Reliable Furniture is a family business that has been selling to retail customers in the Oakville area for many years. It advertises extensively on radio and TV, emphasizing their its prices and easy credit terms. The owner would like to review the relationship between sales and the amount spent on advertising. Below is information on sales and advertising expense for the last four months.   Ad Exp. Sales Rev. Month ($ in 000) ($ in 000) July 2 7 August 1 3 September 3 8 October 4 10 a)       Determine the regression equation. b)      Interpret the values of a and b. c)       Estimate sales when $3 thousand is spent on advertising. Include the 95% confidence interval for average X d)      Determine the coefficient of correlation.

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.