A Large Department Store Has Collected the Following Monthly Data

question 77

Essay

A large department store has collected the following monthly data on lost sales revenue due to theft and the number of security guard hours on duty: (a) Determine the least squares regression equation.
(b) Using the results of part (a), find the estimated lost sales revenues if the total number of security guard hours is 800.
(c) Calculate the coefficient of correlation.
(d) Calculate the coefficient of determination.

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Definitions:

Hot Springs

Natural pools of water heated by geothermal activity beneath the Earth's surface.

Gold Ore

A type of rock that contains sufficient minerals with important elements including gold; the ores are extracted through mining.

Caldera

A broad volcanic depression, generally the result of a substantial eruption followed by the fall-in of the volcano's opening.

Banded Iron Formations

Layers of iron-rich minerals alternated with silica or chert, deposited in marine environments over 2.5 billion years ago and are important iron ore sources.