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In: Economics
Question 5: The CEO of a small firm believes that there is a relationship between the...
Question 5:
The CEO of a small firm believes that there is a relationship between the number of client contacts and the dollar value of sales. To document this assertion, she 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.
| Number of Contacts, X | Sales ($ thousands), Y | Number of Contacts, X | Sales ($ thousands), Y |
| 14 | 24 | 23 | 30 |
| 12 | 14 | 48 | 90 |
| 20 | 28 | 50 | 85 |
| 16 | 30 | 55 | 120 |
| 46 | 80 | 50 | 110 |
(a) What is the correlation between Y and X?
(b) Determine the coefficients (i.e., the a and b values) of the regression equation Y = a + bX .
(c) Interpret the values of a and b.
(d) Using the estimated regression equation, determine the estimated sales if 45 contacts are made.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
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