ConnieHarris,inchargeofofficesuppliesatFirstCapitalMortgageCorp.,wouldliketopredictthequantityofpaperused in the office photocopying machines per month.She believes that the number of loans originated in a
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- ConnieHarris,inchargeofofficesuppliesatFirstCapitalMortgageCorp.,wouldliketopredictthequantityofpaperused in the office photocopying machines per month.She believes that the number of loans originated in a monthinfluencethevolumeofphotocopyingperformed.Shehascompiledthefollowingrecentmonthlydata:
Number ofLoansOriginatedinMonth | Sheets of Photocopy PaperUsed(1000's) |
45 | 22 |
25 | 13 |
50 | 24 |
60 | 25 |
40 | 21 |
25 | 16 |
35 | 18 |
40 | 25 |
- Developtheleast-squaresestimatedregressionequation thatrelates sheetsofphotocopypaperusedtoloansoriginated.
- Usetheregressionequationdevelopedinpart(a)toforecast theamountofpaperusedinamonthwhen42loanoriginationsareexpected.
- ComputeSSE,SST,andSSR.
- Computethecoefficientofdeterminationr2. Commentonthegoodnessoffit.
- Computethecorrelationcoefficient.
- Computethe residualstandarderror().
- Computetheestimatedstandarddeviationof.
- Usethettesttotestthefollowinghypothesis1=0at=0.05.
- Developa95%confidenceintervalestimatefor1.
- Refertothe confidence interval. Wouldyourejectornotreject0:1=0.30at=0.05.Explain.
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