Question
A firm has recorded data on each of their salespeople. Variables recorded include Sales , Age , and Years of Experience . The following output
A firm has recorded data on each of their salespeople. Variables recorded include Sales, Age, and Years of Experience. The following output is for a model where sales is predicted using both Age and years of Experience. The plot shows a confidence ellipse for the coefficients of the Experience and Age terms in the model.
Call:
lm(formula = Sales ~ Exper + Age, data = dat)
Residuals:
Min 1Q Median 3Q Max
-19.6295 -8.5655 -0.2572 7.0859 30.7901
Coefficients:
Estimate Std. Error t value Pr(>|t|)
(Intercept) 123.7950 11.8548 10.443 7.77e-14 ***
Exper 1.3053 0.5744 2.273 0.0277 *
Age -1.5173 0.6247 -2.429 0.0190 *
---
Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
Residual standard error: 11.11 on 47 degrees of freedom
Multiple R-squared: 0.1129,Adjusted R-squared: 0.07516
F-statistic: 2.991 on 2 and 47 DF, p-value: 0.05988
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started