≈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

advertising.

a. Create a scatterplot of these data and use Excel or StatTools to fit the following three curves:

– linear: y = a + bx

– exponential: x

ab

y=

– power: b

ax

y=

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

advertising.

d. What would be the equation of the corresponding regression model should you decide to run it?

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

advertising.

a. Create a scatterplot of these data and use Excel or StatTools to fit the following three curves:

– linear: y = a + bx

– exponential: x

ab

y=

– power: b

ax

y=

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

advertising.

d. What would be the equation of the corresponding regression model should you decide to run it?

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