Construct a scatter plot with this data.
Do you observe a relationship between both variables?
Use Excel to fit a linear regression line to the data. What is the fitted regression model? (Hint: You can follow the steps outlined in Fitting a Regression on a Scatter Plot on page 497 of the textbook.)
What is the slope? What does the slope tell us?Is the slope significant?
What is the intercept? Is it meaningful?
What is the value of the regression coefficient,r? What is the value of the coefficient of determination, r^2? What does r^2 tell us?
Use the model to predict sales and the business spends $950,000 in advertisement. Does the model underestimate or overestimates ales?
