Response specific. Present a structured document free of spelling and grammatical errors. Properly cited sources using the APA format. Name of the textbook is Fundamentals of Managerial Economics Author: Mark Hirschey Edition / Copyright: 9th/2008 Kramer Smith Case Kramer Smith owns a dry-cleaning service and is thinking about changing his advertising expenditures for the year. He hires you as a consultant to determine the relationship between sales, consumer incomes, and advertising by means of multiple regression analysis. Smith has gathered the sales, income, and advertising data for the last year, as shown in Table 1. view Table 1. The Sales and Advertising Data (2009) Table 1 Month Advertising ($) Sales ($) Consumer Income ($) January 10,000 43,000 41,000 February 9,000 40,500 43,000 March 11,000 41,000 45,000 April 12,000 45,900 47,000 May 11,000 47,000 49,000 June 12,000 51,000 51,000 July 13,000 54,000 53,000 August 13,000 57,000 55,000 September 14,000 56,000 57,000 October 15,000 60,000 58,000 November 15,800 61,000 59,000 December 16,700 63,000 61,000 Create a report answering the following questions: • Construct a scatter graph showing the advertising and sales relationship over the last twelve months. • Using multiple regression, conduct an analysis of the firm’s sales revenue, consumer incomes, and advertising. • Describe how you would explain your results to Smith and what recommendations you would suggest. • Summarize your recommendations or advice to Smith concerning the relationship between sales, income, and advertising. Create your report in a 2- to 3-page Microsoft Word document. Cite any sources using the APA format on a separate page. Grading Criteria Maximum Points Constructed a scatter graph showing the advertising and sales relationship over the last twelve months. 5 Used multiple regression and conducted an analysis of the firm’s sales revenue, consumer incomes, and advertising. 10 Explained and summarized your recommendations or advice to Smith concerning the relationship between sales, income, and advertising. 15 Presented a structured document free of spelling and grammatical errors. 5 Properly cited sources using the APA format. 5 Total: 40
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