Slope and Intercept Question! Based on averages and correlation. We are investig

Question

Slope and Intercept Question! Based on averages and correlation.

We are investigating the relationship between how much money is spent on advertising and sales of the promoted product. Below is a summary of the data collected over the past year. Calculate the slope and intercept, round to two decimal places.

Money Spent on Advertising                     Average = 180.2             Std. Deviation = 20.1

Sales of Promoted Product                        Average = 57.2                Std. Deviation = 48.1

Correlation = 0.72

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I solved for it, ignoring the standard deviations and got that the intercept is -72.54 and that the correlation = the slope. But I feel like I did it wrong because the standard deviation probably has something to do with it!

Please explain how you solved it!

Thanks

Explanation / Answer

Slope will be = (0.72*48.1/20.1) = 1.72

Intercept will be = 57.2-1.72*180.2 = -252.74

So, Equation is y = -252.74+1.72x

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