Question

The Manager wants to fix income of employees for production department. The past
data on 8 incomes with the experience is shown below
I
1
5
Experience (in years) 10 12 6 7 10 | 8
Income (in thousands) | 25 | 28 | 17 | 18 24 21
10 16
a. Find the correlation between the experience and income.
b. Determine the coefficient of determination and interpret it.
c. Estimate the monthly salary for a person having 14 years of experience by assuming
the linear relation between the two variables.​

Answer 1

Answer:

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Step-by-step explanation:

1. The sales figures of two firms (in million Rs.) calculated over a period of time are as

follows:

Firm A 120 100 110 80 90 70 50 60 40

Firm B 50 40 60 90 80 70 110 100 120

a. Find mean and standard deviation of both the firms and interpret the same.

b. Which firm has better performance? How do you analyze the performance in this case?

c. If you need to invest in a firm then which firm would you choose and why?

2. The Manager wants to fix income of employees for production department. The past

data on 8 incomes with the experience is shown below

Experience (in years) 10 12 6 7 10 8 1 5

Income (in thousands) 25 28 17 18 24 21 10 16

a. Find the correlation between the experience and income.

b. Determine the coefficient of determination and interpret it.

c. Estimate the monthly salary for a person having 14 years of experience by assuming

the linear relation between the two variables.

3. The weekly demand of a cell phone shop is following the normal distribution with

average number of cell phones sold is 200 units and it has also been found that 90% of

time the demand is lying less than 220 units.

a. Using this information find the standard deviation of the distribution.

b. Determine the lowest stock that the company should maintain so that the probability of

shortage is not higher than 5%.