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A business analyst found a linear relationship between the predicted profit (in thousands of dollars) with the amount of employees hired (think of the units as per person). The resulting regression equation and coefficient of determination were found to be: ŷ = 10 + 4.5x R² = 72% a) Interpret the slope and y-intercept using the guidelines learned in class. b) Find the predicted profit when the you hire 5 employees. c) Suppose that the true profit when 5 employees are hired is $42 thousand dollars. Find the residual. d) What is the correlation coefficient? Round to three decimal places.

A business analyst found a linear relationship between the predicted profit (in thousands of dollars) with the amount of employees hired (think of the units as per person). The resulting regression equation and coefficient of determination were found to be: ŷ = 10 + 4.5x R² = 72% a) Interpret the slope and y-intercept using the guidelines learned in class. b) Find the predicted profit when the you hire 5 employees. c) Suppose that the true profit when 5 employees are hired is $42 thousand dollars. Find the residual. d) What is the correlation coefficient? Round to three decimal places.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 5PPS
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A business analyst found a linear relationship between the predicted profit (in thousands of dollars) with the amount of employees hired (think of the units as per person). The resulting regression equation and coefficient of determination were found to be: ŷ = 10 + 4.5x R² = 72% a) Interpret the slope and y-intercept using the guidelines learned in class. b) Find the predicted profit when the you hire 5 employees. c) Suppose that the true profit when 5 employees are hired is $42 thousand dollars. Find the residual. d) What is the correlation coefficient? Round to three decimal places. e) What is the strength of the correlation coefficient?
Transcribed Image Text:A business analyst found a linear relationship between the predicted profit (in thousands of dollars) with the amount of employees hired (think of the units as per person). The resulting regression equation and coefficient of determination were found to be: ŷ = 10 + 4.5x R² = 72% a) Interpret the slope and y-intercept using the guidelines learned in class. b) Find the predicted profit when the you hire 5 employees. c) Suppose that the true profit when 5 employees are hired is $42 thousand dollars. Find the residual. d) What is the correlation coefficient? Round to three decimal places. e) What is the strength of the correlation coefficient?
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