A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Salesperson Years ofExperience Annual Sales($1,000s) 1 1 80 2 3 97 3 4 92 4 4 102 5 6 103 6 8 111 7 10 119 8 10 123 9 11 117 10 13 136 (a) Develop a scatter diagram for these data with years of experience as the independent variable. (b) Develop an estimated regression equation that can be used to predict annual sales (in $1,000s) given the years of experience. ŷ = (c) Use the estimated regression equation to predict annual sales (in $1,000s) for a salesperson with 9 years of experience. $ thousand
A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Salesperson Years ofExperience Annual Sales($1,000s) 1 1 80 2 3 97 3 4 92 4 4 102 5 6 103 6 8 111 7 10 119 8 10 123 9 11 117 10 13 136 (a) Develop a scatter diagram for these data with years of experience as the independent variable. (b) Develop an estimated regression equation that can be used to predict annual sales (in $1,000s) given the years of experience. ŷ = (c) Use the estimated regression equation to predict annual sales (in $1,000s) for a salesperson with 9 years of experience. $ thousand
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.3: Modeling Data With Power Functions
Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...
Related questions
Concept explainers
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Topic Video
Question
A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons.
| Salesperson | Years of Experience |
Annual Sales ($1,000s) |
|---|---|---|
| 1 | 1 | 80 |
| 2 | 3 | 97 |
| 3 | 4 | 92 |
| 4 | 4 | 102 |
| 5 | 6 | 103 |
| 6 | 8 | 111 |
| 7 | 10 | 119 |
| 8 | 10 | 123 |
| 9 | 11 | 117 |
| 10 | 13 | 136 |
(a)
Develop a scatter diagram for these data with years of experience as the independent variable.
(b)
Develop an estimated regression equation that can be used to predict annual sales (in $1,000s) given the years of experience.
ŷ =
(c)
Use the estimated regression equation to predict annual sales (in $1,000s) for a salesperson with 9 years of experience.
$ thousand
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Expert Answers to Latest Homework Questions
Q: Tomas Bata University in Zlín
Faculty of Applied Informatics
PROBLEM 2:
A supporting ring marked C…
Q: A 12 V battery has an internal resistance of 3 Ω. It is connected in series with a 6 Ω resistor…
Q: PROBLEM 1:
Faculty of Applied Informatics
Two forces displayed in the picture are applied to the…
Q: Section II of the HO-3 policy provides coverage for which of the following: Group of answer
choices…
Q: Image uploaded solution is not allowed please jiger expert don't upload any image
Q: Don't upload any image just give the explanation of the correct option and explanation of the…
Q: Which of the following is the conjugate acid of C2042-?
HC204
HC204
C204
HC204
Q: A newly issued bond pays its coupons once a year. Its coupon rate is 4.7%, its maturity is 15 years,…
Q: Evaluate the internal and external factors that influence the design of remuneration systems within…
Q: You own a wholesale plumbing supply store. The store currently generates revenues of $1.01 million…
Q: 1. Bakit mahalagang magkaroon ng malinaw na pangarap sa buhay?
2. Paano makatutulong ang mabuting…
Q: Physics
Q: Given the reaction: benzoyl chloride + acetic acid
Draw the structure of the tetrahedral…
Q: An alternating voltage, v, has a frequency of 100 Hz and a peak-to-peak value of 80 V. When
Vm sin…
Q: please i need answers , the products of these equations
Q: Given the reaction: benzoic anhydride + methanol
Draw the structure of the tetrahedral intermediate…
Q: 92
Parts I and J: Pure Discount Bond (Treasury Bills)
93
Purchase price
94
Face value
95
Time to…
Q: Image uploaded solution is not allowed please dear expert bro keep it in mind
Q: The income statement for Cullumber, Inc. is as follows:
CULLUMBER, INC.
Income Statement
For the…
Q: Based on the information below, Nation A should specialise in the production of
good, while Nation B…
Q: Firm XYZ sells calculators. It operates in a plant worth $1500000 and maintains production…