TIME REMAINING 52:56
Olivia uses the work below to determine 55% of 720.

Step 1: 55 percent = 50 percent + 10 percent minus one-half (10 percent)
Step 2: 50% of 720 = 720 divided by 2 = 360
10% of 720 = 720 divided by 10 = 72
One-half (10 percent of 720) = One-half (72) = 31
Step 3: 360 + 72 – 31 = 401

Which explains the error in Olivia’s solution?
Step 1: Olivia used percents that are not equivalent to 55%.
Step 2: Olivia incorrectly determined 50% of 720.
Step 2: Olivia incorrectly determined One-half of 10% of 720.
Step 3: Olivia subtracted One-half of 10% when she should have added.

1. the manager of collins import autos believes the number of cars sold in a day (q) depends on two factors: (1) the number of hours the dealership is open (h) and (2) the number of salespersons working that day (s). after collecting data for two months (53 days), the manager estimates the following log-linear model: q 4 equation 1 a. explain, how to transform the log-linear model into linear form that can be estimated using multiple regression analysis. the computer output for the multiple regression analysis is shown below: q4 table b. how do you interpret coefficients b and c? if the dealership increases the number of salespersons by 20%, what will be the percentage increase in daily sales? c. test the overall model for statistical significance at the 5% significance level. d. what percent of the total variation in daily auto sales is explained by this equation? what could you suggest to increase this percentage? e. test the intercept for statistical significance at the 5% level of significance. if h and s both equal 0, are sales expected to be 0? explain why or why not? f. test the estimated coefficient b for statistical significance. if the dealership decreases its hours of operation by 10%, what is the expected impact on daily sales?