Question 9 5 pts A marketing professional has been collecting data for several w

Question

Question 9 5 pts A marketing professional has been collecting data for several weeks on both the amount of money her company spends advertising a product during the week and the amount of revenue earned from sales of that product during the week. She then made a least squares line with the goal of using the week's advertising expenditures to predict the week's sales revenue for the product. Her equation was y-hat 437 +2.16x. In one week of her data, her company spent $9500 on advertising and there were $20250 in sales of the product. What is the residual for this week's data? Please give the exact answer without rounding or units

Explanation / Answer

Predicted value of sales:

Y = 437 + 2.16X

= 437 + 2.16(9500)

= 20957

Observed value of sales = $20250 (given)

The difference between the observed value of the dependent variable (y) and the predicted value () is called the residual (e).

Thus, residual = 20250 - 20957

= -707

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