Class problem set 3 - Class problem set 3 You need to show...

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Class problem set 3 You need to show your work. All parts must be done manually without use of a software. Sales Experience ? ̂ 𝑢 ̂ 𝑢 ̂ 2 2100 17 2000 20 3500 28 2400 22 3300 32 2000 16 5100 40 3200 18 3400 25 3000 20 Total: A department store is interested in the relationship between sales and months of experience of its sales people. A random sample of 10 salespersons is selected and results are presented in the table. Assuming the following linear relationship, Sales=β
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Unformatted text preview: + β 1 Exper+u, 1-Estimate the unknown parameters using method of OLS. 2-Interpret the parameter estimates. 3-Complete the table. 4-Calculate SSR, standard error of regression (SER), and standard error of ± ² 1 . 5-Calculate the following expression: [SST-± ² 1 ( ∑ ?? − ³?̅ ? ´ )]. Is it the same as SSR? 6-Calculate and interpret R 2 . 7-Test for significance of β 1 at α=0.05. Calculate and interpret the p-value....
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