Statistics For Business And Economics
1. The following chart is data over an 8 month period that shows how much a company spent in advertising and the sales revenue for that month
a)What is the correlation coefficient? (round to 2 decimals)
b) Is it a positive or negative correlation?
c) Would you say it is a strong correlation, weak correlation or no correlation?What is the indicator that lead you to that conclusion?
d) What is the linear equation (y = mx + b form) that best approximates the relationship between advertising dollars spent(x) and sales revenue(y) based on the above 8 months of data? (round to 2 decimals for the slope and the y intercept)
e) What sales revenue would the company expect for the following advertising spending? Round to nearest cent
a) 3000 b) 2100 c) 1300
f) If you were in charge of the advertising department how much would you spend on each of the next 4 months on advertising and how and why did you arrive at your decision?
Nov Jan Feb March
Please give a short explanation as to how and why you came up with your advertising spending for the above 4 months.
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