Question
Download Solution PDFThe data about the sales and advertisement expenditure of a firm is given below
| Sales (in crore of Rs.) | Advertisement exp (in crores of Rs.) | |
| Means | 40 | 6 |
| Standard Daviation | 10 | 1.5 |
The correlation coefficient between sales and advertisement expenditure is 0.9. The likely sales for a proposed advertisement expenditure of Rs. 10 crore
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
X̅ = mean of sales = 40
Y̅ = mean of advertisement cost = 6
Formula
Regression equation of X and Y = X - X̅ = r(x/y)(Y - Y̅)
Calculation
⇒ X - 40 = 0.09(10/1.5)(Y - 6)
⇒ X - 40 = (9/1.5)(Y - 6)
⇒ X - 40 = 6(Y - 6)
⇒ X - 40 = 6Y - 36
⇒ X = 6Y + 4
⇒ X = 6(10) + 4
∴ The likely sales for a proposed advertisement expenditure of Rs. 10 crore is 64 crore
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