The Following Sample Data Contains the Number of Years of College

question 63

Essay

The following sample data contains the number of years of college and the current annual salary for a random sample of heavy equipment salespeople.
a. Which variable is the dependent variable? Which is the independent variable?
b. Determine the least squares estimated regression line.c. Predict the annual income of a salesperson with one year of college.d. Test if the relationship between years of college and income is statistically significant at the .05 level of significance.e. Calculate the coefficient of determination.
f. Calculate the sample correlation coefficient between income and years of college. Interpret the value you obtain.

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Definitions:

Professional Salesperson

An individual who specializes in the sale of products or services, often possessing strong skills in communication, negotiation, and sales strategies.

Balanced Dialogue

Balanced dialogue refers to a conversation or communication where both parties actively listen and participate equally, promoting understanding and collaboration.

Maximize Profits

The process or strategy aimed at increasing a company's earnings to the highest possible level.

Assumptive Close

A selling strategy where the salesperson proceeds as if the customer has made the decision to buy, concluding the transaction under this presumption.