Calculate number of months employed by a salesperson

Assignment Help Microeconomics

Reference no: EM13787041

The managers at Reynolds Inc., a manufacturer of industrial scales and laboratory equipment, want to investigate the relationship between length of employment of their salespeople and the number of electronic laboratory scales sold. The following table presents the number of scales sold and the number of months employed by each of 15 randomly selected salespeople.

Salesperson Scales Months

Sold Employed

Y X1

1 275 41

2 296 106

3 317 76

4 376 104

5 162 22

6 150 12

7 367 85

8 308 111

9 189 40

10 235 51

11 83 9

12 112 12

13 67 6

14 325 56

15 189 19

(a) Construct a scattergram between the number of scales sold (Y) and the number of months employed (X1). Does there appear to be a non-linear relationship?

(b) Estimate a simple linear regression equation that could be used to predict the number of scales sold. Evaluate the estimated regression equation (Rsquare, Adjusted Rsquare, Regression Standard Error (SE), t-tests, etc.).

(d) Estimate a non-linear (quadratic) multiple regression equation by including both the X1 and X2 explanatory variables in the model. Evaluate the estimated regression equation (Rsquare, Adjusted Rsquare, Regression Standard Error (SE), t-tests, F-Test etc.).

(e) Which estimated regression equation provides a better fit to the data? Explain in detail.

(f) Calculate the number of months employed by a salesperson that will maximize the number of scales sold using the estimated regression equation in part d.

Reference no: EM13787041

Questions Cloud

Analysis on a new test of reading ability : Imagine you are conducting an item discrimination analysis on a new test of reading ability developed by your company. Describe what steps you would take to find out how well this test differentiates between individuals with different levels of re..

Why does the outlaw hero typically mistrust women : Why does the outlaw hero typically mistrust women? What are the main characteristics associated with each hero type?

Movement of goods and services : Those organizations that assist in the movement of goods and services from producer to industrial and consumer users - movement of goods and services from producer

Problem regarding the inventory journal : Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company

Calculate number of months employed by a salesperson : Construct a scattergram between the number of scales sold (Y) and the number of months employed (X1). Does there appear to be a non-linear relationship?

Write a script named lab6s2 that writes the current time : Write a script named lab6s2 that writes the current time and date, lists logged-in users, and prints the system's uptime to a log file. The time should be printed with the format of "03:55 am" as opposed to military time.

Differences between the lifo and fifo methods : The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller's bonus is based on the next income. It is the controller's belief that the switch in inventory methods would inc..

Write an ethical profile paper : You are to write an ethical profile paper that recognizes the formative influence of your family, heroes, and personal style on you as an ethical professional. This paper will provide a profile of you in regards to your ethical and professional pr..

Write an annotated bibliography of the given article : Write an Annotated bibliography of the article External and Internal Motivation for Normal-Weight Female University Students to Lose Weight.

User Account

All Pages