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[Solution Library] Data on advertising expenditures and revenues for the Four Seasons Restaurant follow. Advertising Expenditures Revenue 1 19 2 32 3 44

Question: Data on advertising expenditures and revenues for the Four Seasons Restaurant follow.

Advertising Expenditures Revenue
1 19
2 32
3 44
6 40
10 52
14 53
20 54
  1. Let x equal advertising expenditures and y equal revenue. Use the method of least squares to develop a straight line approximation of the relationship between the two variables.
  2. Test whether revenue and advertising expenditures are related at .05 level of significance.
  3. Prepare a residual plot of y-y^ verus^y. Use the result from part a to obtain the values of ^y.
  4. What conclusion can you draw from residual analysis? Should this model be used or should we look for a better one?

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Solution: The downloadable solution consists of 4 pages
Deliverable: Word Document


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