Question: Use regression analysis to develop a straight-line approximation of the relationship between the two variables. Use POM-QM or MS-Excel template file posted in Moodle. Use

  1. Use regression analysis to develop a straight-line approximation of the relationship between the two variables. Use POM-QM or MS-Excel template file posted in Moodle.
  2. Use the equation developed in part (a) to forecast sales for an advertising expenditure of $8000.
  3. Interpret the values of r and r2 obtained from the analysis.

20 points) Denny's collected the following data on the relationship between advertising and sales at a sample of five restaurants.

Advertising Expenditure ($) Sales ($)
1000 19000
4000 44000
6000 40000
10000 52000
14000 53000

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