Answers
We would make each of the values in 1000 dollars, so as to make the calculation easier.
Let X be the advertising budget and Y be the sales.
The least-square best-fit regression line will be of the form
Y = a + bX
From the given data, we have
The normal equations required to find the regression line are given by
----------------------(i)
and
---------------(ii)
Solving these two simultaneous equations, we have
a = 8.0851
b = 5.983
The regression line is
y = 5.983x + 8.0851
The slope of the least-square best-fit regression line is = 5.98
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614080 = 990a + 6140806
.
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