Question
In: Statistics and Probability
The table below shows the number of cars sold last month by seven employees at Concord...
The table below shows the number of cars sold last month by seven employees at Concord Motors and their number of years of sales experience.
| Experience | Sales |
| 1 | 8 |
| 2 | 6 |
| 2 | 7 |
| 4 | 14 |
| 5 | 9 |
| 6 | 13 |
| 8 | 10 |
Analyze this data (what is correlation coefficient, slope for regression equation, y intercept for regression equation, standard error of estimate).
Solutions
Expert Solution
| X | Y | XY | X² | Y² |
| 1 | 8 | 8 | 1 | 64 |
| 2 | 6 | 12 | 4 | 36 |
| 2 | 7 | 14 | 4 | 49 |
| 4 | 14 | 56 | 16 | 196 |
| 5 | 9 | 45 | 25 | 81 |
| 6 | 13 | 78 | 36 | 169 |
| 8 | 10 | 80 | 64 | 100 |
| Ʃx = | Ʃy = | Ʃxy = | Ʃx² = | Ʃy² = |
| 28 | 67 | 293 | 150 | 695 |
| Sample size, n = | 7 |
| x̅ = Ʃx/n = 28/7 = | 4 |
| y̅ = Ʃy/n = 67/7 = | 9.571428571 |
| SSxx = Ʃx² - (Ʃx)²/n = 150 - (28)²/7 = | 38 |
| SSyy = Ʃy² - (Ʃy)²/n = 695 - (67)²/7 = | 53.71428571 |
| SSxy = Ʃxy - (Ʃx)(Ʃy)/n = 293 - (28)(67)/7 = | 25 |
Correlation coefficient, r = SSxy/√(SSxx*SSyy) = 25/√(38*53.71429) = 0.5534
--
Slope, b = SSxy/SSxx = 25/38 = 0.657894737
y-intercept, a = y̅ -b* x̅ = 9.57143 - (0.65789)*4 = 6.939849624
Regression equation :
ŷ = 6.9398 + (0.6579) x
--
Sum of Square error, SSE = SSyy -SSxy²/SSxx = 53.71429 - (25)²/38 = 37.266917
Standard error of estimate, se = √(SSE/(n-2)) = √(37.266917/(7-2)) = 2.73009
orchestra answered 2 years agoRelated Solutions
The table below shows the number of cars sold last month by seven employees at Concord...
The table below shows the number of cars sold last month by
seven employees at Concord Motors and their number of years of
sales experience.
Experience
Sales
1
8
2
6
2
7
4
14
5
9
6
13
8
10
Management would like to use simple regression analysis to
estimate monthly car sales using the number of years of sales
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________.
Group of answer choices
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The table below shows the number of cars sold last month by seven employees at Concord...
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14
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9
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13
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10
Management would like to use simple regression analysis to
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