Salesperson
the General Manager of a Chain of Furniture Stores

question 45

Short Answer

Salesperson
The general manager of a chain of furniture 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.
$$\begin{array} { | c | c | c | } \hline \text { Ealesperson } & \text { Years of Experience } & \text { Eales } \\\hline 1 & 0 & 7 \\\hline 2 & 2 & 9 \\\hline 3 & 10 & 20 \\\hline 4 & 3 & 15 \\\hline 5 & 8 & 18 \\\hline 0 & 5 & 14 \\\hline 7 & 12& 20 \\\hline 8 &7 & 17 \\\hline 9 &20 & 30 \\\hline 10 & 15& 25 \\\hline\end{array}$$
-Determine the standard error of estimate. $5 _ { y . x }$ = ____________________
Describe what this statistic tells you about the regression line.

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Definitions:

Relative Scarcity

The comparison of the scarcity of one resource, good, or service in relation to another, influencing its price and availability.

Empirical Evidence

Information obtained through observation and documentation of patterns and behaviors, serving as a basis for forming conclusions.

Proved Reserves

Quantities of natural resources, such as oil or natural gas, that geological and engineering data demonstrate with reasonable certainty to be recoverable under existing economic and operating conditions.

Titanium

A strong, lightweight, corrosion-resistant metal with significant usage in aerospace, medical devices, and consumer products.