StatisticsdrillInterpreting a slope in units
A statistics problem from Statisticsdrill. Solve it with one answer box, with a fresh sample on every attempt and the worked steps and spreadsheet function in the answer, and it is checked the moment you submit.
The task
A fitted regression line is: predicted monthly revenue = 9,000 + 5.9 × ad spend, with monthly revenue in dollars and ad spend measured per dollar. By how much does predicted monthly revenue change when ad spend increases by 2,500 dollars? Give dollars and cents.
What this problem teaches
The formula: Δŷ = b × Δx. In words: each extra dollar of ad spend goes with $5.90 more predicted monthly revenue, on average. The intercept does not enter a change.
A hint if you get stuck
The slope is the change in predicted y for a one unit increase in x. Multiply by the size of the change.
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