BUSA 2100 B Spring 2017 Test. Midterm #1 This Question: 10 pts 20 25 (0 complete

Question

BUSA 2100 B Spring 2017 Test. Midterm #1 This Question: 10 pts 20 25 (0 complete) Data from a smal bookstore are shown in the accompanying table. The manager wants to predict Sales from Number of Sales People Working Complete parts a through h below. Click the icon to view the data table. a) Find the slope estimate, b1. b,- (Round o three decimal places as needed) b) What does b, mean, this context? Select the correct dhoice below and ilinthe answer box o complete your choice (Round to the nearest dollar as needed) O A. An addisional s of sales is associated with each additional sales person working OB. On average, s is expected when o sales people are working c Find the intercept, bo (Round o three decimal places as needed) d) What does bo mean in this context? Is it meaningful? Select the correct choice below and in the answer box to complete your choice (Round to the nearest dollar as Click to select your answer(s) a

Explanation / Answer

By using excel we can solve this question easily.

First enter data into excel.

a) We have to find slope

Use command in excel =SLOPE(Select y values, Select x values)

We get slope = b1 = 0.972

Interpretation of b1 is when unit change in number of sales people working then expected change in sales by 0.972.

A) $ 0.972

B) This is interpretation of intercept

Intercept = INTERCEPT(Select y values , Select x values)

So we get b0 = 7.795

$7.795

C) We already find in part B) b0 = 7.795

Interpretation : When number of sales people working are zero than sales is $7.795

This is not meaningful, because number of sales people working are zero there is no sales.

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