(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 te
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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.
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