# Sample

Not what you're looking for?

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.

The table is attached in the file

a. Determine the regression equation.

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

c. Determine the standard error of estimate.

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

##### Purchase this Solution

##### Solution Summary

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.

The table is attached in the file

a. Determine the regression equation.

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

c. Determine the standard error of estimate.

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

##### Solution Preview

Please refer to the attachment.

<br>

<br>a. Determine the regression equation.

<br>

<br>Please refer to the EXCEL for calculation.

<br>The formula of coefficients of Y=a+bX+e is:

<br>b=Σ[(X-Xm)(Y-Ym)] /Σ[(X-Xm)^2] = 5782.80/2759.60=2.096

<br>a=Ym-b*Xm= -10.47

<br>so the regression is

<br>Y= -10.47+2.096 X

<br>

<br>b. ...

##### Purchase this Solution

##### Free BrainMass Quizzes

##### Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

##### Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

##### Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

##### Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.