You are a sales manager for a large pharmaceutical company and are interested in examining the relationship between sales and the work experience of your sales force. To examine that relationship you...

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2e. Calculate the R^sq of the regression and interpret the R^sq.

Extracted text: You are a sales manager for a large pharmaceutical company and are interested in examining the relationship between sales and the work experience of your sales force. To examine that relationship you obtain data on the characteristics of 200 of your sales representatives located throughout the United States. Using that data, you specify the following simple linear regression model: Sales, = B, + B,Exp, +6,. (1.1) Where Sales, denotes the total sales (in thousands of dollars) of individual iand Expdenotes the sales experience of individual i (measured in years). Results based on the estimation of the model above are reported below with standard errors in parentheses. Sales, = 60 +1.2E×P, (20) (0.05) Observations = 200 Unexplained Sum of Squares = 6,000 Total Sum of Squares = 8,000 2.