Write the Word or Phrase That Best Completes Each Statement

question 123

Short Answer

Write the word or phrase that best completes each statement or answers the question.
-A company keeps extensive records on its new salespeople on the premise that sales should increase with experience. A random sample of seven new salespeople produced the data on experience and sales shown in the table.
$\begin{array}{c|c}\text { Months on Job } & \begin{array}{c}\text { Monthly Sales } \\\text { y (\$ thousands) }\end{array} \\\hline 2 & 2.4 \\4 & 7.0 \\8 & 11.3 \\12 & 15.0 \\1 & 0.8 \\5 & 3.7 \\9 & 12.0\end{array}$

Summary statistics yield $\mathrm { SS } _ { \mathrm { xx } } = 94.8571 , \mathrm { SS } _ { \mathrm { xy } } = 124.7571 , \mathrm { SS } _ { \mathrm { yy } } = 176.5171 , \overline { \mathrm { x } } = 5.8571$ , and $\overline { \mathrm { y } } = 7.4571$ . Find and interpret the coefficient of determination.

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Definitions:

Personal Selling

A direct form of selling where salespersons interact face-to-face with customers to explain or demonstrate the benefits of their product or service.

Standardized Good

A product that is uniform in quality and specifications across all units and is often mass-produced.

Risky

Entails exposure to danger, harm, or loss, often used to describe investments or decisions with a high potential for negative outcomes.

Productivity

The measure of efficiency in converting inputs into useful outputs, often assessed in the context of work, manufacturing, and time management.