For the bookstore of Exercise 1, the manager wants to predict Sales from Number of Sales People
Question:
a) Find the slope estimate, b1.
b) What does it mean, in this context?
c) Find the intercept, b0.
d) What does it mean, in this context? Is it meaningful?
e) Write down the equation that predicts Sales from Number of Sales People Working.
f) If 18 people are working, what Sales do you predict?
g) If sales are actually $25,000 when 18 people are working, what is the value of the residual?
h) Have we overestimated or underestimated the sales?
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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