# Activity 1

Activity I – A manager claims that increases in advertising expenditure will surely raise the firm’s profits, citing his sense that people find the firm’s ads entertaining.

1. Sketch how you might refute this claim using:
1. A theoretical argument
2. Data
2. Why might the refutation using data be more convincing?

Activity II – A grocery store manager is interested in the data-generating process for her store’s weekly soda sales. She believes factors impacting these sales include price, product placement, and whether the week contains a holiday. Write out a formal representation of the data-generation process for weekly soda sales that incorporates these and additional factors.

Activity III – Access the dataset Sales and Costs.xlsx (See the attached) and answer the following questions.

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1. Calculate these descriptive statistics.
1. Mean of sales
2. Variance of materials costs
3. Covariance of labor costs and materials costs
4. Mean of labor costs
5. Total sales
2. Calculate at least two more descriptive statistics for this dataset.

## Sheet1

 Region Sales Labor Costs Materials Costs 1 \$2,070,279.00 \$59,313.00 \$25,489.00 2 \$2,253,758.00 \$84,294.00 \$24,159.00 3 \$1,158,833.00 \$61,570.00 \$27,903.00 4 \$1,916,107.00 \$75,704.00 \$26,936.00 5 \$2,209,766.00 \$73,411.00 \$20,282.00 6 \$1,344,758.00 \$58,071.00 \$27,327.00 7 \$1,525,285.00 \$63,391.00 \$20,948.00 8 \$2,101,502.00 \$71,228.00 \$22,553.00 9 \$2,343,835.00 \$63,438.00 \$26,483.00 10 \$1,965,095.00 \$61,898.00 \$18,493.00 11 \$1,426,194.00 \$85,093.00 \$28,694.00 12 \$2,029,357.00 \$59,075.00 \$27,439.00 13 \$986,042.00 \$78,975.00 \$26,713.00 14 \$1,901,358.00 \$86,003.00 \$25,048.00 15 \$1,465,856.00 \$86,628.00 \$27,959.00 16 \$1,339,142.00 \$66,014.00 \$20,393.00 17 \$1,200,863.00 \$57,088.00 \$20,524.00 18 \$1,295,627.00 \$68,377.00 \$26,861.00 19 \$892,951.00 \$63,295.00 \$23,854.00 20 \$1,781,455.00 \$68,708.00 \$17,651.00 21 \$2,004,767.00 \$72,406.00 \$24,306.00 22 \$1,806,366.00 \$66,453.00 \$25,955.00 23 \$1,589,468.00 \$73,428.00 \$25,793.00 24 \$1,417,498.00 \$80,573.00 \$27,410.00 25 \$1,007,695.00 \$71,824.00 \$27,023.00 26 \$2,047,287.00 \$58,911.00 \$19,564.00 27 \$633,691.00 \$70,385.00 \$18,798.00 28 \$1,498,891.00 \$78,440.00 \$27,471.00 29 \$845,502.00 \$56,672.00 \$28,614.00 30 \$1,326,477.00 \$85,644.00 \$22,815.00 31 \$2,269,852.00 \$80,518.00 \$21,864.00 32 \$2,355,777.00 \$64,302.00 \$17,614.00 33 \$537,921.00 \$67,073.00 \$18,759.00 34 \$1,795,804.00 \$87,295.00 \$22,673.00 35 \$1,135,573.00 \$70,522.00 \$24,010.00 36 \$1,089,914.00 \$73,215.00 \$22,557.00 37 \$2,011,619.00 \$78,151.00 \$28,035.00 38 \$2,281,482.00 \$85,753.00 \$23,273.00 39 \$921,194.00 \$76,725.00 \$20,106.00 40 \$1,691,862.00 \$67,237.00 \$29,091.00 41 \$1,268,440.00 \$73,632.00 \$28,556.00 42 \$1,569,321.00 \$80,347.00 \$20,155.00 43 \$823,068.00 \$80,167.00 \$19,767.00 44 \$1,524,685.00 \$75,288.00 \$26,404.00 45 \$1,908,126.00 \$63,282.00 \$25,759.00 46 \$1,566,024.00 \$69,968.00 \$22,545.00 47 \$1,619,888.00 \$83,180.00 \$28,056.00 48 \$808,591.00 \$68,919.00 \$23,179.00 49 \$1,040,239.00 \$67,078.00 \$19,997.00 50 \$997,462.00 \$75,289.00 \$29,025.00 51 \$801,630.00 \$68,497.00 \$18,740.00 52 \$1,886,438.00 \$67,231.00 \$27,850.00 53 \$864,289.00 \$83,353.00 \$21,987.00 54 \$544,624.00 \$81,315.00 \$27,823.00 55 \$1,287,403.00 \$87,633.00 \$22,756.00 56 \$890,054.00 \$56,083.00 \$20,547.00 57 \$2,239,090.00 \$86,178.00 \$27,994.00 58 \$2,262,311.00 \$57,910.00 \$24,894.00 59 \$1,080,190.00 \$87,059.00 \$24,367.00 60 \$2,147,915.00 \$80,572.00 \$25,795.00 61 \$2,396,990.00 \$80,957.00 \$19,901.00 62 \$1,417,255.00 \$58,839.00 \$27,052.00 63 \$1,157,278.00 \$69,583.00 \$28,822.00 64 \$1,134,178.00 \$80,016.00 \$29,467.00 65 \$2,345,258.00 \$73,865.00 \$19,903.00 66 \$1,672,436.00 \$81,601.00 \$26,807.00 67 \$2,345,143.00 \$63,813.00 \$18,103.00 68 \$2,261,119.00 \$76,714.00 \$26,727.00 69 \$1,866,284.00 \$81,186.00 \$25,151.00 70 \$1,580,449.00 \$73,410.00 \$25,915.00 71 \$646,655.00 \$75,838.00 \$26,430.00 72 \$1,056,578.00 \$74,259.00 \$28,569.00 73 \$1,732,073.00 \$70,017.00 \$22,004.00 74 \$2,101,072.00 \$87,546.00 \$17,993.00 75 \$718,115.00 \$57,482.00 \$22,655.00 76 \$1,976,968.00 \$77,448.00 \$24,843.00 77 \$2,021,155.00 \$81,244.00 \$24,262.00 78 \$920,032.00 \$68,843.00 \$28,814.00 79 \$1,176,260.00 \$83,347.00 \$19,435.00 80 \$1,795,298.00 \$84,689.00 \$21,987.00 81 \$1,238,913.00 \$76,721.00 \$22,590.00 82 \$1,193,492.00 \$73,115.00 \$28,932.00 83 \$1,917,295.00 \$84,008.00 \$21,393.00 84 \$1,917,107.00 \$63,529.00 \$22,760.00 85 \$1,111,683.00 \$75,823.00 \$20,284.00 86 \$2,358,103.00 \$62,489.00 \$24,670.00 87 \$1,512,228.00 \$78,675.00 \$22,574.00 88 \$2,365,887.00 \$77,698.00 \$22,541.00 89 \$1,220,109.00 \$69,343.00 \$18,787.00 90 \$1,582,269.00 \$87,323.00 \$20,135.00 91 \$1,694,185.00 \$59,479.00 \$23,110.00 92 \$1,172,850.00 \$56,737.00 \$21,527.00 93 \$719,072.00 \$88,180.00 \$21,478.00 94 \$761,940.00 \$70,907.00 \$29,386.00 95 \$654,623.00 \$65,953.00 \$19,344.00 96 \$1,754,492.00 \$63,005.00 \$19,231.00 97 \$2,100,389.00 \$73,282.00 \$20,066.00 98 \$2,112,363.00 \$72,606.00 \$24,597.00 99 \$1,900,468.00 \$76,151.00 \$23,548.00 100 \$927,771.00 \$85,190.00 \$26,457.00 101 \$1,335,138.00 \$64,275.00 \$24,610.00 102 \$1,021,173.00 \$77,647.00 \$19,816.00 103 \$1,146,799.00 \$73,662.00 \$24,943.00 104 \$2,066,518.00 \$57,254.00 \$17,847.00 105 \$1,932,132.00 \$75,716.00 \$23,913.00 106 \$919,282.00 \$82,506.00 \$29,471.00 107 \$2,141,066.00 \$75,596.00 \$27,372.00 108 \$599,061.00 \$62,359.00 \$24,159.00 109 \$1,411,500.00 \$61,139.00 \$26,711.00 110 \$2,389,813.00 \$72,706.00 \$18,468.00 111 \$2,377,562.00 \$78,447.00 \$27,798.00 112 \$535,614.00 \$76,687.00 \$21,539.00 113 \$2,147,780.00 \$58,931.00 \$29,267.00 114 \$2,137,903.00 \$57,422.00 \$28,743.00 115 \$1,230,437.00 \$73,808.00 \$29,166.00 116 \$995,140.00 \$62,161.00 \$17,868.00 117 \$1,387,932.00 \$69,869.00 \$26,738.00 118 \$550,332.00 \$86,126.00 \$22,865.00 119 \$653,114.00 \$74,309.00 \$26,982.00 120 \$1,610,589.00 \$85,271.00 \$26,716.00 121 \$1,459,722.00 \$69,595.00 \$22,494.00 122 \$1,051,652.00 \$87,409.00 \$26,092.00 123 \$941,630.00 \$68,080.00 \$27,530.00 124 \$1,254,743.00 \$59,737.00 \$18,836.00 125 \$1,218,564.00 \$64,344.00 \$20,925.00 126 \$1,203,395.00 \$59,236.00 \$25,071.00 127 \$550,153.00 \$56,128.00 \$23,266.00 128 \$586,207.00 \$72,952.00 \$23,341.00 129 \$2,128,845.00 \$72,209.00 \$28,773.00 130 \$2,193,410.00 \$84,652.00 \$20,450.00 131 \$533,211.00 \$65,444.00 \$20,040.00 132 \$1,499,001.00 \$85,194.00 \$23,602.00 133 \$1,232,044.00 \$59,434.00 \$19,998.00 134 \$1,173,982.00 \$83,325.00 \$21,826.00 135 \$1,735,144.00 \$80,895.00 \$22,102.00 136 \$1,824,943.00 \$60,482.00 \$20,154.00 137 \$1,943,972.00 \$75,832.00 \$26,613.00 138 \$1,783,202.00 \$70,814.00 \$28,130.00 139 \$615,007.00 \$72,724.00 \$28,755.00 140 \$1,073,409.00 \$73,356.00 \$24,640.00 141 \$1,324,584.00 \$56,036.00 \$28,007.00 142 \$1,572,545.00 \$59,405.00 \$27,291.00 143 \$2,142,207.00 \$83,025.00 \$27,538.00 144 \$1,322,803.00 \$82,618.00 \$28,963.00 145 \$955,162.00 \$69,877.00 \$20,216.00 146 \$1,204,299.00 \$69,888.00 \$23,943.00 147 \$1,247,238.00 \$83,553.00 \$22,312.00 148 \$668,568.00 \$71,330.00 \$19,654.00 149 \$901,037.00 \$68,961.00 \$25,080.00 150 \$1,470,753.00 \$60,016.00 \$22,154.00 151 \$2,241,978.00 \$76,705.00 \$17,901.00 152 \$999,515.00 \$59,058.00 \$20,996.00 153 \$2,281,842.00 \$75,257.00 \$23,574.00 154 \$1,633,531.00 \$77,013.00 \$23,619.00 155 \$1,193,062.00 \$69,213.00 \$25,855.00 156 \$2,191,119.00 \$81,676.00 \$23,635.00 157 \$1,030,840.00 \$70,962.00 \$19,786.00 158 \$1,135,681.00 \$80,343.00 \$23,138.00 159 \$2,300,149.00 \$88,624.00 \$22,954.00 160 \$996,367.00 \$59,992.00 \$18,193.00 161 \$1,950,032.00 \$72,645.00 \$22,088.00 162 \$1,902,193.00 \$70,097.00 \$18,435.00 163 \$1,943,646.00 \$60,325.00 \$27,499.00 164 \$656,331.00 \$73,410.00 \$24,471.00 165 \$1,407,348.00 \$78,931.00 \$22,677.00 166 \$2,145,281.00 \$88,810.00 \$19,953.00 167 \$1,771,726.00 \$59,593.00 \$25,434.00 168 \$2,249,655.00 \$69,797.00 \$28,933.00 169 \$1,133,698.00 \$70,742.00 \$18,208.00 170 \$1,373,116.00 \$76,342.00 \$24,072.00 171 \$1,606,126.00 \$68,633.00 \$22,686.00 172 \$687,442.00 \$70,880.00 \$23,726.00 173 \$2,207,122.00 \$85,731.00 \$22,326.00 174 \$2,111,579.00 \$64,977.00 \$22,572.00 175 \$1,596,675.00 \$85,872.00 \$21,387.00 176 \$2,123,277.00 \$58,092.00 \$23,115.00 177 \$2,389,076.00 \$80,723.00 \$27,666.00 178 \$1,870,329.00 \$59,693.00 \$25,212.00 179 \$1,154,544.00 \$66,204.00 \$21,491.00 180 \$1,143,138.00 \$74,878.00 \$22,836.00 181 \$1,294,604.00 \$88,236.00 \$26,604.00 182 \$1,966,778.00 \$70,841.00 \$24,158.00 183 \$515,820.00 \$87,052.00 \$28,152.00 184 \$2,223,939.00 \$76,689.00 \$23,061.00 185 \$1,956,787.00 \$57,714.00 \$19,884.00 186 \$1,188,708.00 \$64,546.00 \$24,425.00 187 \$1,597,823.00 \$81,454.00 \$27,510.00 188 \$1,360,436.00 \$81,669.00 \$21,335.00 189 \$519,655.00 \$74,236.00 \$17,838.00 190 \$651,626.00 \$57,153.00 \$18,357.00 191 \$1,063,954.00 \$75,651.00 \$18,936.00 192 \$1,423,040.00 \$84,311.00 \$26,813.00 193 \$645,388.00 \$81,524.00 \$24,561.00 194 \$1,283,879.00 \$85,012.00 \$27,877.00 195 \$2,049,640.00 \$72,002.00 \$21,578.00 196 \$2,412,435.00 \$78,743.00 \$21,039.00 197 \$887,789.00 \$56,150.00 \$18,591.00 198 \$2,290,641.00 \$63,763.00 \$20,787.00 199 \$1,590,895.00 \$84,386.00 \$22,510.00 200 \$2,361,150.00 \$68,802.00 \$19,429.00 201 \$2,142,241.00 \$64,416.00 \$24,386.00 202 \$2,018,946.00 \$72,226.00 \$21,395.00 203 \$1,426,128.00 \$56,606.00 \$23,506.00 204 \$2,307,175.00 \$69,290.00 \$23,132.00 205 \$2,359,559.00 \$56,410.00 \$28,282.00 206 \$821,665.00 \$74,653.00 \$17,632.00 207 \$1,866,668.00 \$59,957.00 \$26,226.00 208 \$604,250.00 \$76,469.00 \$28,895.00 209 \$1,969,455.00 \$62,555.00 \$25,287.00 210 \$2,284,304.00 \$58,962.00 \$18,274.00 211 \$851,326.00 \$78,286.00 \$22,293.00 212 \$804,827.00 \$78,756.00 \$21,863.00 213 \$703,472.00 \$71,453.00 \$28,461.00 214 \$732,869.00 \$60,495.00 \$25,047.00 215 \$1,532,699.00 \$69,098.00 \$20,994.00 216 \$1,001,095.00 \$81,025.00 \$25,177.00 217 \$2,017,591.00 \$83,820.00 \$23,090.00 218 \$1,395,371.00 \$83,098.00 \$26,715.00 219 \$880,326.00 \$68,715.00 \$18,865.00 220 \$1,525,176.00 \$78,973.00 \$26,175.00 221 \$1,428,854.00 \$83,654.00 \$22,420.00 222 \$1,319,132.00 \$56,985.00 \$25,476.00 223 \$515,776.00 \$79,818.00 \$23,892.00 224 \$2,123,854.00 \$63,507.00 \$23,303.00 225 \$2,010,794.00 \$78,581.00 \$20,786.00 226 \$990,785.00 \$63,971.00 \$17,590.00 227 \$603,132.00 \$87,000.00 \$25,750.00 228 \$1,550,614.00 \$87,257.00 \$17,557.00 229 \$1,360,328.00 \$60,054.00 \$28,009.00 230 \$2,406,056.00 \$85,079.00 \$27,580.00 231 \$1,375,610.00 \$82,593.00 \$24,851.00 232 \$1,819,798.00 \$73,386.00 \$27,438.00 233 \$1,150,208.00 \$62,494.00 \$20,810.00 234 \$1,052,096.00 \$64,618.00 \$21,318.00 235 \$689,215.00 \$84,406.00 \$22,988.00 236 \$628,382.00 \$77,514.00 \$22,015.00 237 \$1,319,461.00 \$61,778.00 \$17,641.00 238 \$2,172,774.00 \$66,558.00 \$19,540.00 239 \$1,531,918.00 \$82,419.00 \$29,276.00 240 \$1,993,862.00 \$58,677.00 \$28,344.00 241 \$958,446.00 \$56,712.00 \$28,564.00