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A local tire dealer wants to predict the number of tires sold each month. He believes that the number of tires sold is a linear function of the amount of money invested in advertising. He randomly selects 6 months of data consisting of tire sales (in thousands of tires) and advertising expenditures (in thousands of dollars). The equation of the least squares line is, y = 3 + 1x.

Provide a managerial interpretation of the estimated slope.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9368703

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