Your company asked you to analyze the investment of their advertising campaign. You create a scatterplot graph of the advertising dollars spent on advertising, x, and compare it to the revenue generated,y, for January to December of the campaign. You find the equation of the trend line to be y=2.53x+ 43. Predict the revenue generated if your company invests $200.00 in advertising. Write the revenue in dollars and cents.
To predict the revenue generated if the company invests $200.00 in advertising, we can substitute the value of x into the equation of the trend line.
y = 2.53x + 43
Therefore, when x = $200.00, the revenue generated (y) can be calculated as:
y = 2.53(200) + 43
y = 506 + 43
y = $549.00 (rounded to dollars and cents)
So, if the company invests $200.00 in advertising, the predicted revenue generated would be $549.00.