Question: A business analyst found a linear relationship between the predicted profit (in thousands of dollars) with the amount of employees hired (think of the

A business analyst found a linear relationship between the predicted profit (in

A business analyst found a linear relationship between the predicted profit (in thousands of dollars) with the amount of employees hired (think of the units as per person). The resulting regression equation and coefficient of determination were found to be: = 10 + 4.5x a) Interpret the slope and y-intercept using the guidelines learned in class. b) Find the predicted profit when the you hire 5 employees. c) Suppose that the true profit when 5 employees are hired is $42 thousand dollars. Find the residual. d) What is the correlation coefficient? Round to three decimal places. e) What is the strength of the correlation coefficient? R = 72%

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