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Consider the following data from a small bookstore




Consider the following data from a small bookstore.;Number of sales people working-----------------Sales (in $1000);2--------------------------------------------------------------10;3--------------------------------------------------------------11;7--------------------------------------------------------------13;9--------------------------------------------------------------14;10-------------------------------------------------------------18;10-------------------------------------------------------------20;12-------------------------------------------------------------20;15-------------------------------------------------------------22;16-------------------------------------------------------------22;20-------------------------------------------------------------26;x = 10.4-----------------------------------------------------y = 17.6;SD(x) = 5.64-----------------------------------------------SD(y) = 5.34;1. Calculate the mean and standard deviation of # of sales people (x) and sales (y). Find sample size n.;2. Calculate the correlation coefficient with all three methods (covariance method, z-score method, and correlation tool in Excel).;3. Find b0 and b1 for the linear regression model with all three methods (two different formulas and Solver). Interpret the meaning of b1 of this linear regression model.;4. Calculate Se and SST.;5. Calculate R square with both methods (correlation coefficient method and the formula r square = 1 - SSE/SST). Interpret the meaning of R square of this linear regression model.;6. Use Regression tool in Excel to find b0, b1, SSE, SST, r, R square, and Se.;7. Estimate the sales if the number of sales people working is 8, 13, and 19, respectively.


Paper#35291 | Written in 18-Jul-2015

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