week 5_ discussion

Portion 1:Respond to the following in a minimum of 175 words:Models help us describe and summarize relationships between variables. Understanding how process variables relate to each other helps businesses predict and improve performance. For example, a marketing manager might be interested in modeling the relationship between advertisement expenditures and sales revenues.Consider the dataset below and respond to the questions that follow:Advertisement ($’000)   Sales ($’000)1068    44891026    5611767      3290885      41131156    48831146    5425892      4414938      5506769      3346677      36731184    65421009    5088Construct a scatter plot with this data.Do you observe a relationship between both variables?Use Excel to fit a linear regression line to the data. What is the fitted regression model? (Hint: You can follow the steps outlined on page 497 of the textbook.)What is the slope? What does the slope tell us?Is the slope significant?What is the intercept? Is it meaningful?What is the value of the regression coefficient,r? What is the value of the coefficient of determination, r^2? What does r^2 tell us?Use the model to predict sales and the business spends $950,000 in advertisement. Does the model underestimate or overestimates ales?Portion 2Reply to 2 classmates in 150 words EACH. (responses attached beow)

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