View the step-by-step solution to:

This is fictitious data.

≈592/49 (10 points)
The file P10_49.xlsx contains the amount of money spent advertising a product and the number
of units sold for eight months. Assume that the only factor influencing monthly sales is

a. Create a scatterplot of these data and use Excel or StatTools to fit the following three curves:
– linear: y = a + bx
– exponential: x
– power: b
Which equation fits the data best?

b. What is the value of b in the best-fitting equation and how can you interpret it?

c. Using the best-fitting equation, predict sales during a month in which $60,000 is spent on

d. What would be the equation of the corresponding regression model should you decide to run it?
This is fictitious data.
Background image of page 1
Month Advertising Units Sold 1 $1,000 4,000,000 2 $2,000 4,800,000 3 $3,000 5,000,000 4 $20,000 7,500,000 5 $30,000 8,000,000 6 $50,000 9,000,000 7 $80,000 9,900,000 8 $100,000 10,200,000
Background image of page 2
Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer

Statistics and Probability-7600186.xls

This is fictitious data.
This is fictitious data. SUMMARY OUTPUT
Regression Statistics
Multiple R 0.926059
R Square 0.857585
Adjusted R Square
Standard Error

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online