1Medium20 marks
Entrepreneurs who want to start new businesses in a city can seek financial support from its City Investment Promotion Board (CIPB). The officers in CIPB evaluate applications for financial support and give their recommendations. This evaluation process takes some time. The time spent by the ten officers in CIPB and the number of applications they evaluated are given in the following table :
Time spent (in days) | Applications evaluated (Number)
127 | 20
59 | 12
87 | 21
21 | 4
60 | 15
121 | 31
15 | 3
18 | 5
27 | 3
75 | 17
(i) Based on the information, determine the least squared linear regression model.
(ii) What does the slope of the linear regression model represent?
(iii) Based on the above data, what is the approximate predicted number of applications for financial support that an officer can evaluate with 100 days of work?