A company asked you to predict sales based on amount of money spent on advertising. You performed a linear regression an

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A Company Asked You To Predict Sales Based On Amount Of Money Spent On Advertising You Performed A Linear Regression An 1 (113.06 KiB) Viewed 42 times

A company asked you to predict sales based on amount of money spent on advertising. You performed a linear regression and Excel generated the following summary output. (The data is for advertising in millions of dollars and the sales will also be in millions of dollars.) SUMMARY OUTPUT Regression Statistics Multiple R 0.978468276 R Square 0.957400167 Adjusted R Square 0.955033509 471.0094144 Standard Error Observations 20 ANOVA Significance F df SS MS F Regression 8.73852E-14 1 89746450.17 89746450.17 404.5368644 18 3993297.633 221849.8685 Residual Total 19 93739747.8 Standard Lower 95% Upper 95% P-value 0.0360381 -483.82885 Error t Stat 360.32377 -1.3427614 2.6486377 20.113101 8.73852E-14 47.707738 -1240.84102 Intercept Advertising 1273.18330 53.272320 58.836901 Based on these results, would you suggest using advertising to predict sales (in the relevant range for the data, and assuming the other assumptions hold)? OYes O No b. What would the corresponding linear model be? (What is the regression equation? Round coefficients to 3 decimal places.) y=+ x(Advertising) c. For each increase of $1 million in advertising, how much would you predict sales to increase? S million (Round to 3 decimal places) Coefficients