Answered: Y = 27.5 + 1.19 X What is the average…

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Y = 27.5 + 1.19 X What is the average change

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

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.

Question

A marketing analysit is studying the relashionship between X = money spent on television advertising and Y = increase in slae. A simple linear regression model relates x and y as follows

Y = 27.5 + 1.19 X

What is the average change in sales associated with an additional 1 dollor spent on advertising?

Group of answer choices

A. For every additional 1 dollor spent on advertising, sales decreases by 1.19 dollars.

B. For every additional 1 dollor spent on advertising, sales increase by 1.19 dollars.

C. For every additional 1 dollor spent on advertising, sales increase by 28.69 dollars.

D. For every additional 1 dollor spent on advertising, sales decreases by 28.69 dollars.

E. For every additional 1 dollor spent on advertising, sales increase by 27.5 dollars.

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