At Hard Rock's Moscow restaurant, the manager is trying to evaluate how a new advertising campaign affects guest counts. Using data for the past 10 months (see the attached table), develop a least-squares regression relationship and then forecast the expected guest count when advertising is $65,000.

 

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MONTH Guest count (in thousands) Advertising (in $ thousand) HARD ROCK'S MOSCOW CAFE 1 2 3 4 5 6 7 8 21 24 27 32 29 37 43 43 54 66 9 10 14 17 25 25 35 35 45 50 60 60 MONTH Guest count (in thousands) Advertising (in $ thousand) HARD ROCK'S MOSCOW CAFE 1 2 3 4 5 6 7 8 21 24 27 32 29 37 43 43 54 66 9 10 14 17 25 25 35 35 45 50 60 60

Answer rating: 100% (QA)

Step 1 Calculate the Means Calculate the means of guest counts Y and advertising expenditures X Mean ... View the full answer