Each month, the owner of Fay’s Tanning Salon records in a data file y = monthly total sales receipts and x = amount spent that month on advertising, both in thousands of dollars. For the first three months of operation, the observations are as shown in the table.
a. Sketch a scatterplot.
b. From inspection of the scatterplot, state the correlation and the regression line.
c. Find the mean and standard deviation for each variable.
d. Using part c, find the regression line, using the formulas for the slope and the y -intercept. Interpret the y -intercept and the slope.