"Nothing succeeds like success" is an old adage in the advertising business. The president of a multiline auto dealership has observed that sales staff who earn the biggest end-of-year bonus are the ones who are most likely to exceced their quota for sales in the following year (and hence earn another bonus). Last Year's Bonus (s thousands) 7.8 6,9 6,7 6.0 6.9 5.2 This Year's Sales Over Quota 64 73 42 49 71 46 Last Year's Bonus (S thousands) 6,3 8.4 7.2 10.1 10.8 7.7 This Year's Sales Over Quota 32 88 53 84 85 93 (a) Develop the line of best fit to describe these data. (b) Calculate the standard error of estimate for the relationship. (c) Develop an approximate 90 percent confidence interval for predicting the sales over quota for a sales staff member who earned a bonus of $9,600 last year.
"Nothing succeeds like success" is an old adage in the advertising business. The president of a multiline auto dealership has observed that sales staff who earn the biggest end-of-year bonus are the ones who are most likely to exceced their quota for sales in the following year (and hence earn another bonus). Last Year's Bonus (s thousands) 7.8 6,9 6,7 6.0 6.9 5.2 This Year's Sales Over Quota 64 73 42 49 71 46 Last Year's Bonus (S thousands) 6,3 8.4 7.2 10.1 10.8 7.7 This Year's Sales Over Quota 32 88 53 84 85 93 (a) Develop the line of best fit to describe these data. (b) Calculate the standard error of estimate for the relationship. (c) Develop an approximate 90 percent confidence interval for predicting the sales over quota for a sales staff member who earned a bonus of $9,600 last year.
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
part C
Transcribed Image Text:"Nothing succeeds like success" is an old adage in the advertising business. The president of a
multiline auto dealership has observed that sales staff who earn the biggest end-of-year bonus
are the ones who are most likely to exceed their quota for sales in the following year (and
hence earn another bonus).
Last Year's Bonus (S thousands)
7.8
6.9
6.7
6.0
6.9 5.2
This Year's Sales Over Quota
64
73
42
49
71
46
Last Year's Bonus (S thousands)
6,3
8.4
7.2
10.1
10.8
7.7
This Year's Sales Over Quota
32
88
53
84
85
93
(a) Develop the line of best fit to describe these data.
(b) Calculate the standard error of estimate for the relationship.
(c) Develop an approximate 90 percent confidence interval for predicting the sales over quota
for a sales staff member who earned a bonus of $9,600 last year.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
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