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180 and sales revenue, both in millions of dollars, for the last 4 months are repeated below, LF - REVIEW 13-3 Advertising Expense Sales Revenue Month ($ million) ($ million) July 2 August September s w . October (a) Determine the regression equation. Interpret the values of a and b. Estimate sales when $3 million is spent on advertising. 13. The following sample observations were randomly selected. RCISES 4 7 7 ILE, please visit a. Determine the regression equation. com/lind16e b. Determine the value of y when x is 7. 14. The following sample observations were randomly selected. E, please visit X. 5 3 4 om/lind16e y. 13 15 12 13 11 9 5 a. Determine the regression equation. b. Determine the value of y when x is 7. 15. Bradford Electric Illuminating Company is studying the relationship between kilowatt-hours (thousands) used and the number of rooms in a private single-family residence. A random sample of 10 homes yielded the following. lease visit /lind 16e Number of Kilowatt-Hours Number of Kilowatt-Hours Rooms (thousands) Rooms (thousands) 12 8 9 10 14 10 10 10 6 0O UT 10 a. Determine the regression equation. b. Determine the number of kilowatt-hours, in thousands, for a six-room house. 16. Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To doc- isit ument this assertion, Mr. McWhinney gathered the following sample information. The 6e x column indicates the number of client contacts last month and the y column shows the value of sales ($ thousands) last month for each client sampled.CORRELATION AND LINEAR REGRESSION 447 Number of Contacts, Sales Sales X ($ thousands), Number of Contacts, ($ thousands), 14 X y 12 24 23 30 20 14 48 90 16 28 50 85 46 30 55 120 80 50 110 a. Determine the regression equation. 33 4 b. Determine the estimated sales if 40 contacts are made. 17. A recent article in Bloomberg Businessweek listed the "Best Small Companies." We are interested in the current results of the companies' sales and earnings. A random sample of ease visit below. 12 companies was selected and the sales and earnings, in millions of dollars, are reported lind16e Sales Company Earnings Sales Earnings ($ millions) ($ millions) Company ($ millions) ($ millions) Papa John's International $89.2 $4.9 Checkmate Electronics $17.5 $ 2.6 Applied Innovation 18.6 4.4 Royal Grip 11.9 1.7 Integracare 18.2 1.3 M-Wave 19.6 3.5 Wall Data 71.7 8.0 Serving-N-Slide 51.2 8.2 Davidson & Associates 58.6 6.6 Daig 28.6 6.0 Chico's FAS 46.8 4.1 Cobra Golf 69.2 12.8 Let sales be the independent variable and earnings be the dependent variable. a. Draw a scatter diagram. b. Compute the correlation coefficient. c. Determine the regression equation. d. For a small company with $50.0 million in sales, estimate the earnings. 18. We are studying mutual bond funds for the purpose of investing in several funds. For thi particular study, we want to focus on the assets of a fund and its five-year performance The question is: Can the five-year rate of return be estimated based on the assets of th Sit fund? Nine mutual funds were selected at random, and their assets and rates of return a 6e shown below. Assets Return Assets Retur ($ millions) (%) Fund Fund ($ millions) (%) 10.8 MFS Bond A AARP High Quality Bond $622.2 $494.5 11.6 160.4 11.3 Nichols Income 158.3 Babson Bond L 9.5 11.4 T. Rowe Price Short-term Compass Capital Fixed Income 275.7 681.0 8.2