Grinfield Service Company's marketing director is interested in analyzing the relationship between her company's sales and the advertising dollars spent. In the course of her analysis, she selected a random sample of 20 weeks and recorded the sales for each week and the amount spent on advertising. The summary statistics are for 20 observations. Cov(X,Y)=170,436.10 a. Find the correlation coefficient between sales and advertising. What docs mean? b. Find the least squares line that shows how weekly sales (y) is related to advertis ing dollars (x). c. According to the least squares line, how is weekly sales related to advertising dollars? What does the intercept mean?
Uploaded by LieutenantHummingbird3644 on coursehero.com