Use the Data Given Below to Answer the Following Questions)

question 49

Essay

Use the data given below to answer the following questions).
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.) $$\begin{array} { | c | c | } \hline \text { Hours spent on the job } & \text { Salary } \$ \mathbf { ~ } \\\hline 4 & 340 \\\hline 12 & 850 \\\hline 7 & 570 \\\hline 5 & 470 \\\hline 11 & 820 \\\hline 8 & 610 \\\hline 9 & 630 \\\hline 13 & 900 \\\hline 10 & 800 \\\hline 6 & 480 \\\hline\end{array}$$
-Is the hours spent on the job a statistically significant variable in explaining the variation in pay of employees? Hint: Use Regression tool).

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Definitions:

Frustration of Contract

A legal doctrine that permits the termination of a contract when an unforeseen event renders contractual obligations impossible, or radically changes the party's principal purpose for entering into the contract.

Complications

Problems or difficulties that arise which make a situation harder to deal with or resolve.

Prudent Businessperson

An individual who exercises care, diligence, and wisdom in making business decisions, similarly to how a reasonable person would act under comparable circumstances.

Specific Performance

A legal remedy requiring a party to perform a specific act, often the completion of a contract, rather than paying damages for non-performance.