A firm that operates a large sales force would like to build a system to monitor the progress of new agents. A key task for agents is to open new accounts. To build the system, the firm has monitored activities of new agents over the past two years. The response of interest is the profit to the firm (in dollars) of contracts sold by agents over their first year. Among the possible explanations of this performance is the number of new accounts developed by the agent during the first three months of work. Formulate the Simple Regression Model with Y given by the natural log of profit from sales and X given by the natural log of number of accounts, and complete parts (a) through (d). Click the icon to view the data table. (a) Locate the most negative residual in the data. Which case is this? The value of the most negative residual is ☐ (Round to three decimal places as needed.) Sales Data. Log of Log of Profit from Number of Early Sales Accounts Commission Early Selling 9.7808 3.0955 10.2109 2.8828 99.95 2,676.37 12,889 160,407 10.0354 2.1905 9.7371 5.5582 425.72 608,373 2,832.48 3,190,564 10.4182 3.6167 10,622.69 451,832 9.6926 1.7997 85.08 3,142,881 9.3554 2.9892 1,359.14 268,093 9.9487 3.2436 3,147.24 103,921 9.9955 2.3893 2,074.70 62,040 10.4846 2.9912 180.06 725,096 10.1438 2.5572 3,768.89 3,274,982 10.1789 3.7671 2,122.26 789,967 10.8189 5.2135 3,775.92 9,329,146 9.8751 3.1047 794.48 20,874 10.5072 3.1739 2,206.84 333,584 10.2228 3.4937 273.41 695,028 10.3918 3.6229 2,378.56 487,804 10.2593 2.4803 680.89 424,081 10.7065 2.3105 437.61 63,772 10.6821 4.9854 4,499.94 2,839,315 4.0013 1.0144 0.00 0 7.3106 3.2044 287.51 81,133 8.7216 3.2971 175.68 23,362 8.9463 3.8416 315.04 567,924 8.4469 2.6311 12.55 75,379 9.2188 2.4787 0.00 271,146 9.3988 1.7908 99.60 1.914
A firm that operates a large sales force would like to build a system to monitor the progress of new agents. A key task for agents is to open new accounts. To build the system, the firm has monitored activities of new agents over the past two years. The response of interest is the profit to the firm (in dollars) of contracts sold by agents over their first year. Among the possible explanations of this performance is the number of new accounts developed by the agent during the first three months of work. Formulate the Simple Regression Model with Y given by the natural log of profit from sales and X given by the natural log of number of accounts, and complete parts (a) through (d). Click the icon to view the data table. (a) Locate the most negative residual in the data. Which case is this? The value of the most negative residual is ☐ (Round to three decimal places as needed.) Sales Data. Log of Log of Profit from Number of Early Sales Accounts Commission Early Selling 9.7808 3.0955 10.2109 2.8828 99.95 2,676.37 12,889 160,407 10.0354 2.1905 9.7371 5.5582 425.72 608,373 2,832.48 3,190,564 10.4182 3.6167 10,622.69 451,832 9.6926 1.7997 85.08 3,142,881 9.3554 2.9892 1,359.14 268,093 9.9487 3.2436 3,147.24 103,921 9.9955 2.3893 2,074.70 62,040 10.4846 2.9912 180.06 725,096 10.1438 2.5572 3,768.89 3,274,982 10.1789 3.7671 2,122.26 789,967 10.8189 5.2135 3,775.92 9,329,146 9.8751 3.1047 794.48 20,874 10.5072 3.1739 2,206.84 333,584 10.2228 3.4937 273.41 695,028 10.3918 3.6229 2,378.56 487,804 10.2593 2.4803 680.89 424,081 10.7065 2.3105 437.61 63,772 10.6821 4.9854 4,499.94 2,839,315 4.0013 1.0144 0.00 0 7.3106 3.2044 287.51 81,133 8.7216 3.2971 175.68 23,362 8.9463 3.8416 315.04 567,924 8.4469 2.6311 12.55 75,379 9.2188 2.4787 0.00 271,146 9.3988 1.7908 99.60 1.914
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:A firm that operates a large sales force would like to build a system to monitor the progress of new agents. A key task for agents is to open new accounts. To build the system, the firm has
monitored activities of new agents over the past two years. The response of interest is the profit to the firm (in dollars) of contracts sold by agents over their first year. Among the possible
explanations of this performance is the number of new accounts developed by the agent during the first three months of work. Formulate the Simple Regression Model with Y given by the natural
log of profit from sales and X given by the natural log of number of accounts, and complete parts (a) through (d).
Click the icon to view the data table.
(a) Locate the most negative residual in the data. Which case is this?
The value of the most negative residual is ☐
(Round to three decimal places as needed.)
Sales Data.
Log of
Log of
Profit from Number of Early
Sales
Accounts Commission Early Selling
9.7808
3.0955
10.2109
2.8828
99.95
2,676.37
12,889
160,407
10.0354
2.1905
9.7371
5.5582
425.72 608,373
2,832.48 3,190,564
10.4182
3.6167
10,622.69 451,832
9.6926
1.7997
85.08 3,142,881
9.3554
2.9892
1,359.14 268,093
9.9487
3.2436
3,147.24 103,921
9.9955
2.3893
2,074.70
62,040
10.4846
2.9912
180.06
725,096
10.1438
2.5572
3,768.89
3,274,982
10.1789
3.7671
2,122.26 789,967
10.8189
5.2135
3,775.92 9,329,146
9.8751
3.1047
794.48
20,874
10.5072
3.1739
2,206.84
333,584
10.2228
3.4937
273.41
695,028
10.3918
3.6229
2,378.56
487,804
10.2593
2.4803
680.89
424,081
10.7065
2.3105
437.61
63,772
10.6821
4.9854
4,499.94 2,839,315
4.0013
1.0144
0.00
0
7.3106
3.2044
287.51
81,133
8.7216
3.2971
175.68
23,362
8.9463
3.8416
315.04
567,924
8.4469
2.6311
12.55
75,379
9.2188
2.4787
0.00
271,146
9.3988
1.7908
99.60
1.914
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman