Question
The managers of a brokerage firm are interested in finding out if the number of new clients a broker brings into the firm affects the
The managers of a brokerage firm are interested in finding out if the number of new clients a broker brings into the firm affects the sales generated by the broker. They sample 12 brokers and determine the number of new clients they have enrolled in the last year and their sales amounts in thousands of dollars. Suppose they find that the coefficient of determination (r square) is 0.785. This means that
A. 78.5% of the total variation in sales generated can be explained by the number of new clients brought in
B. .0785 is the residual sum of squares
C. 78.5% is the estimated slope coefficient
D. .0785 is the y intercept
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