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As soon as the business idea was conceived, Nick made a strategic plan that included consistent marketing efforts at steady intervals throughout each year. Every quarter, he updated his messaging, with input from his marketing vendor, and got his updated message out to the public. His quarterly marketing expenses along with the corresponding revenues are as follows. Quarter Marketing Cost Revenues $10,000 $220,000 12,000 260,000 12,000 330,000 14,000 410,000 14,000 450,000 425,000 16.000 480,000 18,000 430,000 18,000 470,000 20,000 490,000 20,000 $10,000 22,000 470,000 (b) 2 3 5 6 7 8 9 10 11 12 16,000 Run the regression model in Excel and evaluate it for goodness of fit, significance of the independent variable, and economic plausibility. Specify your final model in Y = m(X) + b format. (Round answers to 2 decimal places, eg. 15.25.) Y=S X+$

As soon as the business idea was conceived, Nick made a strategic plan that included consistent marketing efforts at steady intervals throughout each year. Every quarter, he updated his messaging, with input from his marketing vendor, and got his updated message out to the public. His quarterly marketing expenses along with the corresponding revenues are as follows. Quarter Marketing Cost Revenues $10,000 $220,000 12,000 260,000 12,000 330,000 14,000 410,000 14,000 450,000 425,000 16.000 480,000 18,000 430,000 18,000 470,000 20,000 490,000 20,000 $10,000 22,000 470,000 (b) 2 3 5 6 7 8 9 10 11 12 16,000 Run the regression model in Excel and evaluate it for goodness of fit, significance of the independent variable, and economic plausibility. Specify your final model in Y = m(X) + b format. (Round answers to 2 decimal places, eg. 15.25.) Y=S X+$

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Ⓡ Nick's Tree Trimming Service was really taking off! He was thrilled that he needed to hire three more employees to keep up with all the work. He realized that his years-long strategy of investing in a marketing plan clearly must have something to do with it. As soon as the business idea was conceived, Nick made a strategic plan that included consistent marketing efforts at steady intervals throughout each year. Every quarter, he updated his messaging, with input from his marketing vendor, and got his updated message out to the public. His quarterly marketing expenses along with the corresponding revenues are as follows. Quarter (b) 1 2 3 4 5 6 7 8 9 10 11 12 Marketing Cost $10,000 12,000 Y = $ 12,000 14,000 14,000 16,000 16,000 18,000 18,000 20,000 20,000 22.000 Revenues $220,000 260,000 330,000 410,000 450,000 425,000 480,000 430,000 470,000 490,000 510,000 470,000 Run the regression model in Excel and evaluate it for goodness of fit, significance of the independent variable, and economic plausibility. Specify your final model in Y = m(X) + b format. (Round answers to 2 decimal places, e.g. 15.25.) X+ $
Transcribed Image Text:Ⓡ Nick's Tree Trimming Service was really taking off! He was thrilled that he needed to hire three more employees to keep up with all the work. He realized that his years-long strategy of investing in a marketing plan clearly must have something to do with it. As soon as the business idea was conceived, Nick made a strategic plan that included consistent marketing efforts at steady intervals throughout each year. Every quarter, he updated his messaging, with input from his marketing vendor, and got his updated message out to the public. His quarterly marketing expenses along with the corresponding revenues are as follows. Quarter (b) 1 2 3 4 5 6 7 8 9 10 11 12 Marketing Cost $10,000 12,000 Y = $ 12,000 14,000 14,000 16,000 16,000 18,000 18,000 20,000 20,000 22.000 Revenues $220,000 260,000 330,000 410,000 450,000 425,000 480,000 430,000 470,000 490,000 510,000 470,000 Run the regression model in Excel and evaluate it for goodness of fit, significance of the independent variable, and economic plausibility. Specify your final model in Y = m(X) + b format. (Round answers to 2 decimal places, e.g. 15.25.) X+ $
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