Question 1 Meshlin, a production manager is in the process of preparing forecasts for a product as part of the planning process in his company. He knows that the sales of the product will be impacted by the advertising spend for the product. He has collected the following data for the past five months: Month Advertisement (Cost in Sales (Cost in thousands) thousands) 1.0 101 2 2.0 209 3 1.3 116 4 2.5 264 S 1.4 165 Now, in order to forecast the demand for the next month, he needs to know the advertising budget. a. Determine the regression equation for the regression model (15 MARKS) b. If the marketing manager informs him that the company is planning to spend GHE 1640 next month on advertising for the product. Assuming that you are Meshlin, use linear regression to develop a forecast for this product. (5 MARKS)Question 1 Meshlin, a production manager is in the process of preparing forecasts for a product as part of the planning process in his company. He knows that the sales of the product will be impacted by the advertising spend for the product. He has collected the following data for the past five months: Month Advertisement (Cost in Sales (Cost in thousands) thousands) 1.0 101 2 2.0 209 3 1.3 116 4 2.5 264 S 1.4 165 Now, in order to forecast the demand for the next month, he needs to know the advertising budget. a. Determine the regression equation for the regression model (15 MARKS) b. If the marketing manager informs him that the company is planning to spend GHE 1640 next month on advertising for the product. Assuming that you are Meshlin, use linear regression to develop a forecast for this product