A regression model relating the number of salespersons at a branch office to ann

Question

A regression model relating the number of salespersons at a branch office to annual sales at the office (in $1000) provided the following regression Excel output.

The Least Squares Method determind the values of b0 and b1 that minimized this sum.

What is the resulting value?

Pls show all your work ! Thanks

Dep.-Annual Sales Indep.;:# Salespeople SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 37.9726 11.0000 ANOVA df MS Significance F Regression Residual Total 326,262.5455 P-value 0.0192 0.0000 Upper 95% 230.7758 Coefficients Standard Error t Stat Lower 95% Intercept # Salespeople 128.5984 45.1681 2.8471 26.4211 47.8677

Explanation / Answer

b0 and b1 is determined by minimizing the sum of squares (SS) value, (hence the term "least squares method"), which is (according to the table),

SS = 326262.5455 [ANSWER]

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