Standard error and sampling size

Reference no: EM13106273

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled.

a. Determine the regression equation.

b. Determine the estimated sales if 40 contacts are made.

Number of contacts: X

14, 12, 20, 16, 46

Sales($thousands): Y

24, 14, 28, 30, 80

Number of contacts: X

23, 48, 50, 55, 50

Sales (Thousands): Y

30, 90, 85, 120, 110

Questions:

a. Determine the standard error of estimate.

b. Suppose a large sample is selected (instead of just 10). About 95 percent of the predictions regarding sales would occur between what two values?

Reference no: EM13106273

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