2. The Manager wants to fix the Income of employees for the production department. The past data...
Question:
2. The Manager wants to fix the Income of employees for the production department. The past data on 8 incomes with the Experience is shown below
Experience (in years) 10 12 6 7 10 8 1 5
Income (in thousands) 25 28 17 18 24 21 10 16
a. Find the correlation between Experience and Income.
b. Determine the coefficient of determination and interpret it.
c. Estimate the monthly salary for a person having 14 years of Experience by assuming the linear relation between the two variables. (10 Marks)
The answer should be in a word format, Don't write in-plane paper. It should be a plagiarism-free. And a min of 800 words
Business Statistics
ISBN: 978-0321925831
3rd edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman