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?
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