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regression equation/ standard error of estimate

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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-----sales------number of------sales
contacts   ($thousands) contacts    ($thousands)

14            24       &n bsp;  23             30
12            14       &n bsp;  48             90
20            28       &n bsp;  50             85
16            30       &n bsp;  55            120
46            80       &n bsp;  50            110


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?
Submitted: 13 years ago.Category: Homework
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Answered in 6 minutes by:
4/4/2005
Tutor: xarqi, Generalist replied 13 years ago
xarqi
xarqi, Generalist
Category: Homework
Satisfied Customers: 596
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Sorry - you added some stuff. I'll take another look.
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Customer reply replied 13 years ago
Reply toCustomers Post: Awesome! anything for the other three?
Customer reply replied 13 years ago
Sorry about that had some issues with a glitch in posting
Tutor: xarqi, Generalist replied 13 years ago
The working is laborious with 10 samples, so I just used excel.
It'll take time to format a complete reply with all working shown.
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Customer reply replied 13 years ago
Reply to xarqi's Post: Do you want to e-mail your spreadsheet to me?
Tutor: skywalker, Tutor replied 13 years ago
skywalker
skywalker, Tutor
Category: Homework
Satisfied Customers: 263
Experience: Experienced math,economics,accounting,,finance teacher and tutor for 8 years graduated best schools
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a)
from the excel sheet we find that
Y=163+10.63X+e e is the error term
b) if there are 40 contracts then
sales will be

Y= 163+10.63*40
Y=588.2 will be total sales

c)the standard error of the estimate is the Y error which is
square root of sum of (Y-Ypredicted)^2/N
then
sd=25350
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Tutor: xarqi, Generalist replied 13 years ago
I can post it here as a zipped file. I've done the derivation of the
regression line. Just working on the error analysis.

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Tutor: xarqi, Generalist replied 13 years ago
The error equations are a (&^% to work with.   I have to go
through and derive the sample standard deviation, and then get
to the standard errors in slope and intercept.

Do you really need all the working?
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Customer reply replied 13 years ago
Reply to xarqi's Post: Not really. Just post your zipped file. Do you have a solution for all four questions? A-D?
Tutor: xarqi, Generalist replied 13 years ago
Phew!
Yes - I have answers for A-D.

Give me 5 mins to tidy it up and I'll post the zipped file.
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Customer reply replied 13 years ago
Reply to xarqi's Post: Awesome thanks...
Tutor: xarqi, Generalist replied 13 years ago
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xarqi
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Category: Homework
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Tutor: xarqi, Generalist replied 13 years ago
There are some minor typos in there: the equation is 2.195x - 12.01,
not 2.185x - 12.01, but you can see that from the working, the graph,
and the linest() output.



Ignore the line that says "standard error of estimate".  That was
where I was about to launch into a step by step derivation before I
confirmed with you that I could take a short cut.




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Customer reply replied 13 years ago
Reply to xarqi's Post: This is great. Do you like your MAC? What made you go MAC? I only ask because I've been thinking about the machine myself!
Tutor: xarqi, Generalist replied 13 years ago
The reason I use a Mac (and always have), is that I don't want to
have to shag around making the thing work. I just want to do
productive stuff, rather than struggle to keep it running.

I cringe when I am occasionally required to use a PC. M$
software absolutely sucks, and Windoze is appalling.

In 2 weeks, get a Mac with OSX 10.4 Tiger. You'll never look
back.
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