A firm that operates a large, direct-to-consumer sales force would like to implement a system to monitor the progress of new agents. A key task for agents is to open new accounts; an account is a new customer to the business. To build such a system, the firm has been monitoring sales of new agents over the past 2 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 predictors of this performance is the number of new accounts developed by the agent during the first 3 months of work. Full data setNumber ofProfit fromNumber ofProfit fromAccountsSales ($)AccountsSales ($)2210281.5588362.011618385.34318949.673821314.5110174.371510885.751410663.593019285.8511075.563932943.84162813.372829197.881817098.431820295.054630101.633326107.844031309.584131009.731721898.952841.711117523.331114864.272511543.182215151.751816485.061412515.8518792.1811768.792516101.281214918.253735794.8822151.572523264.523028802.452528938.0700 (b) Estimate the least squares linear equation for Profit from Sales on Number of Accounts. Interpret the fitted intercept and slope; be sure to include their units. Note if either estimate represents a largeextrapolation and is consequently not reliable.Complete the equation for the fitted line belowEstimated Profit from Sales ()= + Number of Accounts(Round to two decimal places as needed.)

Name: A firm that operates a large, direct-to-consumer sales force would li
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Description: A firm that operates a large, direct-to-consumer sales force would like to implement a system to monitor the progress of new agents. A key task for agents is to open new accounts; an account is a new customer to the business. To build such a syste

Answered: (b) Estimate the least squares linear…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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A firm that operates a large, direct-to-consumer sales force would like to implement a system to monitor the progress of new agents. A key task for agents is to open new accounts; an account is a new customer to the business. To build such a system, the firm has been monitoring sales of new agents over the past 2 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 predictors of this performance is the number of new accounts developed by the agent during the first 3 months of work.

Full data set
Number of
Profit from
Number of
Profit from
Accounts
Sales ($)
Accounts
Sales ($)
22
10281.55
8
8362.01
16
18385.34
31
8949.67
38
21314.51
10174.37
15
10885.75
14
10663.59
30
19285.85
11075.56
39
32943.84
16
2813.37
28
29197.88
18
17098.43
18
20295.05
46
30101.63
33
26107.84
40
31309.58
41
31009.73
17
21898.95
2841.71
11
17523.33
11
14864.27
25
11543.18
22
15151.75
18
16485.06
14
12515.85
18792.18
11768.79
25
16101.28
12
14918.25
37
35794.88
22151.57
25
23264.52
30
28802.45
25
28938.07
00

(b) Estimate the least squares linear equation for Profit from Sales on Number of Accounts. Interpret the fitted intercept and slope; be sure to include their units. Note if either estimate represents a large
extrapolation and is consequently not reliable.
Complete the equation for the fitted line below
Estimated Profit from Sales ()= + Number of Accounts
(Round to two decimal places as needed.)

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