For Exercises 1–8, refer to the data in the following table. ...

Transcribed Text

For Exercises 1–8, refer to the data in the following table. The table lists the personal income and outlays (both in trillions of dollars) for Americans for 11 recent years. (Source: U.S. Commerce Department, Bureau of Economic Analysis) Personal income, x Personal outlays, y 4.5 3.7 4.9 4.0 5.0 4.1 5.3 4.3 5.6 4.6 5.9 4.8 6.2 5.1 6.5 5.4 7.0 5.7 7.4 6.1 7.8 6.5 1. Construct a scatter plot for the data appear to have a positive linear correlation, a negative linear correlation, or no linear correlation? Explain. 2. Calculate the correlation coefficient r. What can you conclude? 3. Test the level of significance of the correlation coefficient r. Use a = 0.05. 4. Find the equation of the regression line for the data. Include the regression line in the scatter plot. 5. Use the regression line to predict the personal outlays when the personal income is 5.3 trillion dollars. 6. Find the coefficient of determination and interpret the results. 7. Find the standard error of estimate se and interpret the results. 8. Construct a 95% prediction interval for personal outlays when personal income is 6.4 trillion dollars. Interpret the results. 9. The equation used to predict sunflower yield (in pounds) is where x 1 is the number of acres planted (in thousands) and x 2 is the number of acres harvested (in thousands). Use the regression equation to predict the y-values for the given values of the independent variables listed below. Then determine which variable has a greater influence on the value of y. (Source: U.S. National Agricultural Statistics Service) a. x 1 = 2103, x 2 = 2037 b. x 1 = 3387, x 2 = 3009 c. x 1 = 2185, x 2 = 1980 d. x 1 = 3485, x 2 = 3404

Solution Preview

These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.

By purchasing this solution you'll be able to access the following files:
Solution.docx.

\$30.00
for this solution

PayPal, G Pay, ApplePay, Amazon Pay, and all major credit cards accepted.

Find A Tutor

View available Advanced Statistics Tutors

Get College Homework Help.

Are you sure you don't want to upload any files?

Fast tutor response requires as much info as possible.