16. Mr. James McWhinney, president of Daniel-James Financial Services, believes

Question

16. 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.

Number of Contacts, X Sales ($ thousands) Y Number of Contacts, X Sales ($ thousands) Y

14 24 23 30

12 14 48 90

20 28 50 85

16 30 55 120

46 80 50 110

a. Determine the regression equation. b. Determine the estimated sales if 40 contacts are made.

Explanation / Answer

A)

Using technology, we get              
              
slope =    2.194641842          
intercept =    -12.20103752          
              
Thus, the regression line is              
              
y^ =    2.194641842x   -   12.20103752 [ANSWER]

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b)
              
Thus, if x =    40          
              
Then              
              
y^ =    75.58463616   [ANSWER]      

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