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A local grocery store wants to predict the monthly sales in dollars. The manager believes that...

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Basic Math

A local grocery store wants to predict the monthly sales indollars. The manager believes that the amount of newspaperadvertising significantly affects the store sales. The managerrandomly selects 10 months of data consisting of monthly grocerystore sales (in thousands of dollars) and advertising expenditures(in thousands of dollars). See the following data:

If the advertising expenditures increase by one thousand ofdollars, estimate the average increase in sales with 95%confidence.

The next month, the grocery store wants to invest 3230 dollarsin advertising. Predict the total sales for that specific monthwith 95% confidence.

At the 5% level of significance, conduct the F test to test theoverall significance of the model. Is the current model asignificant predictor of of the monthly grocery store sales?

Advertising

2.74

2.87

2.93

2.87

2.98

3.09

3.36

3.61

3.75

3.95

Sales

99.9

97.9

98.9

87.9

92.9

97.9

100.6

104.9

105.3

108.6

Answer & Explanation Solved by verified expert
4.0 Ratings (477 Votes)
First enter Data into EXCELWe have to find the sample meanExcel command is AVERAGESelect datasample mean for advertising 3215sample mean for sales 9948Now we    See Answer
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