Question: 1. The following chart is data over an 8 month period that shows how much a company spent in advertising and the sales revenue for

1. The following chart is data over an 8 month period that shows how much a company spent in advertising and the sales revenue for that month.

MONTH	ADVERTISING $	SALES $
March	900	56000
April	2700	89200
May	3150	98500
June	1300	54000
July	3400	97000
Aug	1500	56000
Sept	2300	93000
Oct	2250	79000

a) What is the correlation coefficient? (round to 2 decimals) describe how you utilized excel to arrive at this number (recommended) or show the formula you utilized to arrive at this answer b) Is it a positive or negative correlation? c) Would you say it is a strong correlation, weak correlation or no correlation? What is the indicator that lead you to that conclusion?

d. What is the linear equation (y = mx + b form) that best approximates the relationship between advertising dollars spent(x) and sales revenue(y) based on the above 8 months of data? (round to 2 decimals for the slope and the y intercept) describe how you utilized excel to arrive at this equation (recommended) or show the formula you utilized to arrive at your equation

e) What sales revenue would the company expect for the following advertising spending? Round to nearest cent show calculation 1) 5000 2) 2100 3) 1600

If you were in charge of the advertising department, how much would you spend on each of the next 4 months on advertising based on the data and trends in the table? Please give a short explanation as to how and why you came up with your advertising spending for the above 4 months. Nov Jan Feb March

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