221 How can we use market data to suggest hourly rates to Taskers that would max

Question

221

    How can we use market data to suggest hourly rates to Taskers that would

    maximize their opportunity to be hired?

    Please describe in detail, with code and formulas that support your model.

Row Labels Average of hourly_rate Average of num_completed_tasks Furniture Assembly $                                  39.42 186 Mounting $                                  50.47 220 Moving Help $                                  82.55 258 Grand Total $                                  57.48

221

Explanation / Answer

Sol

Run Correlation to check whether relationship exists between Average of hourly rate and average_num_completed_tasks.

r=correlation coefficient=0.970762

there exists a strong positive relationship between Average of hourly rate and average_num_completed_tasks.

Now.Run Regression model to predict overly rate.

In Excel Instal analysis tool pack then go to

Data>Data analsysis>regresssion.

Y as rate

x as hours

you get below output

Average of hourly rate=-76.10989305+0.603796127*Average of num_completed_tasks

From above eq.hourly rates can be predicted.

Average of num_completed_tasks Average of hourly_rate Average of num_completed_tasks 1 Average of hourly_rate 0.970762 1

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