Homework

# regression equation/ standard error of estimate

Customer Question

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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4/4/2005
Tutor: xarqi, Generalist replied 13 years ago
xarqi, Generalist
Category: Homework
Satisfied Customers: 596
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Sorry - you added some stuff. I'll take another look.
Customer reply replied 13 years ago
Reply toCustomers Post: Awesome! anything for the other three?
Customer reply replied 13 years ago
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.
Customer reply replied 13 years ago
Tutor: skywalker, Tutor replied 13 years ago
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
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.

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?
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.
Customer reply replied 13 years ago
Reply to xarqi's Post: Awesome thanks...
Tutor: xarqi, Generalist replied 13 years ago
Would you like to ask this question?
xarqi, Generalist
Category: Homework
Satisfied Customers: 596
Verified
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.

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.
xarqi, Generalist
Category: Homework
Satisfied Customers: 596
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