complete
Fill the blank:
The following data were collected on the study of the relationship between a company’s retail sales and advertising dollars:
|
Retail Sales ($) |
Advertising ($) |
|
31,312 |
16,468 |
|
35,990 |
17,563 |
|
40,659 |
20,780 |
|
43,771 |
23,658 |
|
47,252 |
26,372 |
|
49,353 |
28,012 |
|
51,281 |
32,167 |
|
56,470 |
35,305 |
|
56,655 |
37,199 |
|
59,636 |
38,002 |
a. Obtain a linear regression line for the data. (Round your answer to 2 decimal places, the tolerance is +/-0.01.)
Retail Sales = _______ +
_________ (advertising)
b. Compute a correlation coefficient and determine the strength of the linear relationship. (Round your answer to 2 decimal places, the tolerance is +/-0.01.)
Correlation coefficient is ______________. It indicates
__________(No, a moderate positive, or a strong positive) linear relationship. (Use not rounded amounts to answer this question.)
c. Using the linear regression equation, develop a forecast of retail sales for advertising dollars of $40,108. (Round your answer to 2 decimal places, the tolerance is +/-0.01. Do not round intermediate results used to achieve this answer.)
Forecast = ________________$
