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Regression Analysis

Sales and Advertising expenses are used for the simple regression data attached. Sales is the dependent variable and Advertising Expense is the independent variable. The results are on the spreadsheet, with the relevant items in boldface.

In practical terms,
- How do I convert the above information to an equation I can use? Write out that equation using the numbers provided and the following information: Sales is the dependent variable & Advertising Expense is the independent variable
- Someone who knows statistics told me that the t value (labeled t stat in boldface on the spreadsheet) refers to the significance of the X variable. They used a table to tell me the t value of 8.4 indicates that the X variable is statistically significant at the .10 level. What does that mean in practical terms?

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Solution Summary

The solution addresses Sales and Advertising expenses are used for the simple regression data attached. Sales is the dependent variable and Advertising Expense is the independent variable. The results are on the spreadsheet, with the relevant items in boldface.

In practical terms,
- How do I convert the above information to an equation I can use? Write out that equation using the numbers provided and the following information: Sales is the dependent variable & Advertising Expense is the independent variable
- Someone who knows statistics told me that the t value (labeled t stat in boldface on the spreadsheet) refers to the significance of the X variable. They used a table to tell me the t value of 8.4 indicates that the X variable is statistically significant at the .10 level. What does that mean in practical terms?

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