Question: An insurance company wants to establish the relationship between the number of new policies registered by each salesperson and the number of customers contacted

An insurance company wants to establish the relationship between the number of

An insurance company wants to establish the relationship between the number of new policies registered by each salesperson and the number of customers contacted by each salesperson.The data in the table below was collected during the last four weeks: Number of customers Number of new Salesperson contacted policies registered 1 30 10 25 6. 3 60 15 4 20 4 40 15 55 18 7 30 10 Required: a) Calculate/develop the least squares estimated regression equation. b) Compute and interpret the coefficient of determination. c) Calculate and interpret the correlation coefficient between the number of customers contacted and the number of new policies registered.

Step by Step Solution

★★★★★

3.34 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

An insurance company wants to determine how its annual operating costs depend on the number of home insurance (X1) and automobile insurance (X2) policies that have been written. The file P10_31.xlsx...

An educator examined the relationship between the number of hours devoted to reading each week (Y) and the independent variables social class (X1), number of years of school completed (X2), and...

The figure shows the relationship between the number of miles per gallon on the highway and that in the city for some cars. a. Report the slope and explain what it means. b. Either interpret the...

On June 1, 2018, DCI purchased a call option for $450, which gave it the right to buy 10,000 shares of iLines, Inc., for $54 each until December 1, 2018 . On that date, iLines\' shares were being...

STATISTICS FOR DECISION MAKING Dr. Azar Abizada HOMEWORK 4 Due Date: Wednesday, March 11th class time Problem 1 (26 points): Be careful, each part of this question is independent of one another. a)...

CableTech Bell Corporation (CTB) operates in the telecommunications industry. CTB has two divisions: the Phone Division and the Cable Service Division. The Phone Division manufactures telephones in...

Question 1 The data in the table below shows the usage of a basket of three food items in a household for April 2020 and May 2020. April 2020 May 2020 Item Unit Price (N$) Quantity Unit Price (N$)...

Demand and Supply Discussion Question: Applications-Ubereconomics Please read the article below and respond to the follow-up question: Using Big Data to Estimate Consumer Surplus: The Case of Uber...

please help me to find the answer for part 1, part3 and part4 Queensland University of Technology QUT Business School School of Accountancy AYB 339 Accountancy Capstone Integrated Case Study Semester...

BBM 211: BUSINESS STATISTICS QUESTION SEVEN a) Distinguish between descriptive Statistics and inferential Statistics (4 marks) b) What do you understand .by 'Central Tendency"? Under what conditions...

Activity ratios can tell a manager whether they need to buy more assets. True False

While staying at a hotel for a conference, Paulo's supervisor invites him to her room for drinks. When Paulo turns her down, she says he won't be considered for a promotion unless he changes his...

At the aquarium, visitors are asked how much they agree with the statement, "I like jellyfish" from 1 (strongly disagree) to 7 (strongly agree). What scale of measurement is being used? O nominal...

1.) (20 pts) Jobs arrive to a two-station serial line at a rate of 2 jobs per hour with deterministic inter- arrival times. Station 1 has one machine which requires exactly 29 minutes to process a...

Salubrity Plus is a medical equipment supply company with offices and retail locations in Ontario and Qubec. The organization started operations in 2005 and currently has an approximate annual...

A vendor for your part casting claims they redeveloped the casting alloy with less tensile variability. The vendor claims that the new material will show a 20 of 10, 95% of the time. A six sample...

In general, businesss analytics uses historical data to help answer which of the following questions

You work as an operations consultant for a textile company. Your client has a well-established distribution system in the US market. The company has hundreds of stores and four distribution centers....

x-bar = 23, n = 15, = 4, H0: = 22, Ha: > 22 We have provided a sample mean, sample size, and population standard deviation. In each case, use the one-mean z-test to perform the required hypothesis...

Refer to the data on age and price of a sample of 11 Orions given in Table 14.4 a. For each age between 2 and 7 years, obtain a 95% confidence interval for the mean price of all Orions of that age....

In the article, "Squeaky Clean Fossil Fuels" (New Scientist, Vol. 186, No. 2497, p. 26), F. Pearce reported on the benefits of using clean fossil fuels that release no carbon dioxide (CO2), helping...

Refer to Exercise 7. a. On the basis of this initial experience, determine the control limits for the range. Plot the experience on a chart. b. Does there seem to be a time when there is too much...

Below is a p-chart for a manufacturing process. a. What is the mean proportion defective? What are the upper and lower control limits? b. Are there any sample observations that indicate the process...

Refer to the following diagram. a. Estimate the linear trend equation for the personal income series. b. What is the average annual increase in personalincome?