(All Steps) Suppose the following data represents the annual sales and annual advertising expenditures for seven companies. Fit the data to the Y=ax^b by using
Question: Suppose the following data represents the annual sales and annual advertising expenditures for seven companies. Fit the data to the
\[Y=a{{x}^{b}}\]by using the method of least squares to solve for a and b in order to predict Sales based on the amount of advertising. You will need to take the logarithm of both sides and then back solve for ‘a’ and ‘b’ properly. After finding the equation, estimate sales for an advertising budget of $1,700,000.
| Sales (Y) | Advertising ($millions/year) (x) |
| 2580 | 1.2 |
| 11942 | 2.9 |
| 9845 | 2.2 |
| 27800 | 3.2 |
| 18926 | 2.9 |
| 4800 | 1.5 |
| 14550 | 2.7 |
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