Research: Patents The following data are based on information from the Harvard Business Review (Vol. 72, No. 1). Let x be the number of different research programs, and let y be the mean number of patents per program. As in any business, a company can spread itself too thin. For example, too many research programs might lead to a decline in overall research productivity. The following data are for a collection of pharmaceutical companies and their research programs:
Complete parts (a) through (e), given .
(f) Suppose a pharmaceutical company has 15 different research programs. What does the least-squares equation forecast for y = mean number of patents per program?
To graph: The scatter diagram.
Given: The data which consists of variables, ‘the number of different research programs and ‘the mean number of patents per program, represented by x and y, respectively is provided.
Follow the steps given below in Excel to obtain the scatter diagram of the data.
Step 1: Enter the data into Excel sheet. The screenshot is given below.
Step 2: Select the data and click on ‘Insert’. Go to charts and select the chart type ‘Scatter’...
To test: Whether the provided values of , , , and are correct or not.
To find: The values of , a, b and the equation for the least-squares line.
To graph: The least-squares line on the scatter diagram which passes through the point .
The value of , the percentage of variation that can be explained and the percentage of variation that is unexplained.
To find: The least square equation forecast.
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