Use the Data Given Below to Answer the Following Question(s)

question 16

Essay

Use the data given below to answer the following question(s).
Following is an extract from a firm's database detailing the number of hours spent on the job by employees and their corresponding pay. (Note: Assume a level of significance of 0.05 wherever necessary.) $$\begin{array} { | l | l | } \hline \begin{array} { l } \text { Hours spent } \\\text { on the job }\end{array} & \text { Salary (\$) } \\\hline 4 & 340 \\\hline 12 & 850 \\\hline 7 & 570 \\\hline 5 & 470 \\\hline 11 & 820 \\\hline 8 & 610 \\\hline 9 & 630 \\\hline 13 & 900 \\\hline 10 & 800 \\\hline 6 & 480 \\\hline\end{array}$$
-Construct a scatter diagram and use the Excel Trendline tool to find the best-fitting simple linear regression model.

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Definitions:

Tangible Product

Physical items that can be seen, touched, and owned, as opposed to services or digital goods.

Unlimited Demand

A theoretical concept where the desire for a product or service exceeds any constraints, such as availability or price, leading to infinite demand.