Sales and Experience

question 217

Essay

Sales and Experience
The general manager of a chain of department stores believes that experience is the most important factor in determining the level of success of a salesperson.To examine this belief she records last month's sales (in $1,000s)and the years of experience of 10 randomly selected salespeople.These data are listed below. ​ ​
-{Sales and Experience Narrative} Determine the least squares regression line.

---

Definitions:

Opportunity Cost

The trade-off of potential gains in alternate choices when one is chosen.

Environmental Legislation

Laws and regulations designed to protect the natural environment against pollution and harm, often by regulating emissions and industrial processes.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Primary School

An educational institution for children, typically aged five to eleven, providing the initial stage of compulsory education in many countries.