SOLUTION: Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To docume

Question 244715: Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled.
Number of Contacts X 14,12,20,16,46
Sales ($ thousands) Y 24,14,28,30,80
Number of Contacts X 23,48,50,55,50
Sales ($ thousands) Y 30,90,85,120,110
a. Determine the regression equation.
b. Determine the estimated sales if 40 contacts are made.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled.
Number of Contacts X 14,12,20,16,46
Sales ($ thousands) Y 24,14,28,30,80
Number of Contacts X 23,48,50,55,50
Sales ($ thousands) Y 30,90,85,120,110
a. Determine the regression equation.
f(# of contacts) = 2.195(# of contacts) - 12.201
-------------------------------------------------------
b. Determine the estimated sales if 40 contacts are made.
f(40) = 75.6
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Cheers,
Stan H.

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