Question
A sales manager collected the following data on x = years of experienceand y = annualsales ($1,000s). The estimated regression equation for these data is
A sales manager collected the following data onx= years of experienceandy= annualsales ($1,000s). The estimated regression equation for these data is
=81+ 4x.
Salesperson | Years of Experience | Annual Sales ($1,000s) |
---|---|---|
1 | 1 | 80 |
2 | 3 | 97 |
3 | 4 | 92 |
4 | 4 | 107 |
5 | 6 | 103 |
6 | 8 | 111 |
7 | 10 | 119 |
8 | 10 | 128 |
9 | 11 | 117 |
10 | 13 | 136 |
(a)Compute SST, SSR, and SSE.SST= SSR= SSE= (b)Compute the coefficient of determination
r2.
(Round your answer to three decimal places.)
r2
= Comment on the goodness of fit. (For purposes of this exercise, consider a proportion large if it is at least 0.55.)
The least squares line did not provide a good fit as a small proportion of the variability inyhas been explained by the least squares line.The least squares line did not provide a good fit as a large proportion of the variability inyhas been explained by the least squares line. The least squares line provided a good fit as a small proportion of the variability inyhas been explained by the least squares line.The least squares line provided a good fit as a large proportion of the variability inyhas been explained by the least squares line.
(c)What is the value of the sample correlation coefficient? (Round your answer to three decimal places.)
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