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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.
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 document this assertion, Mr. McWhinney gathered the following sample information. The 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: a. Draw and properly label a scatter diagram. (3 pts) b. Determine the regression equation. Include the equation in your scatter diagram. (3 pts) c. Determine the estimated sales it 40 contacts are made. (2 pts) d. Interpret the regression equation. (1 pt) e. Determine the standard error of estimate. (2 pts) f. Suppose a large sample is selected (instead of just 10). About 95% of the predictions regarding sales would occur between what two values? (Assuming that the Standard Error of Estimate does not change). (3 pts) g. Determine the 98% confidence interval, in thousands of dollars, for the mean of all sales personnel who make 40 contacts. (3 pts) h. Determine the 98% prediction interval, in thousands of dollars, for a particular salesperson who makes 40 contacts. (3 pts) i. Determine the correlation coefficient and the coefficient of determination. Is the relationship between number of contacts and sales direct or inverse? Interpret the strength/weakness of the relationship. (5 pts) J. Test the following at the .01 significance level and state your conclusion: {5 pts) Hop=0 Hiip=0
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