2) Suppose an economist wants to compare the mean dollar amounts owedby delinquent credit card customers in three different socioeconomicclasses (1) Lower Class (2) Middle Class and (3) Upper Class.of 10 customers with delinquent accounts is selected from each group,and the amount owed by each is recorded, as shown below in the tablesampleDollars OwedGroup 1 (lower class)Group 2 (middleclass)$ 513Group 3 (upper class)$ 335643$ 148762643934332165209453623653512813432772355214258166135380415280594153304465i)Hypothesize a regression model for amount owed (y) usingsocioeconomic class as an independent variable.ii)Interpret the B's in the model.Fit the model to the data and give the least squares predictioniii)equation.iv)Use the model to determine if the mean dollar amounts owed bycustomers differ significantly for the three socioeconomic groupsat a = 0.5.

Answered: Image /qna-images/answer/86d5966d-a71f-429f-9932-c84b5cff1d4a.jpg

2) Suppose an economist wants to compare the mean dollar amounts owed by delinquent credit card customers in three different socioeconomic classes (1) Lower Class (2) Middle Class and (3) Upper Class. A sample of 10 customers with delinquent accounts is selected from each group, and the amount owed by each is recorded, as shown below in the table Dollars Owed Group 2 (middle class) $ 513 Group 1 (lower class) Group 3 (upper class) $ 148 $ 335 76 264 643 393 433 216 520 94 536 236 535 128 134 327 723 55 214 258 166 135 380 415 280 594 153 304 465 i) Hypothesize a regression model for amount owed (y) using socioeconomic class as an independent variable. ii) Interpret the B's in the model. Fit the model to the data and give the least squares prediction iii) equation. iv) Use the model to determine if the mean dollar amounts owed by customers differ significantly for the three socioeconomic groups at a = 0.5.

2) Suppose an economist wants to compare the mean dollar amounts owed by delinquent credit card customers in three different socioeconomic classes (1) Lower Class (2) Middle Class and (3) Upper Class. A sample of 10 customers with delinquent accounts is selected from each group, and the amount owed by each is recorded, as shown below in the table Dollars Owed Group 2 (middle class) $ 513 Group 1 (lower class) Group 3 (upper class) $ 148 $ 335 76 264 643 393 433 216 520 94 536 236 535 128 134 327 723 55 214 258 166 135 380 415 280 594 153 304 465 i) Hypothesize a regression model for amount owed (y) using socioeconomic class as an independent variable. ii) Interpret the B's in the model. Fit the model to the data and give the least squares prediction iii) equation. iv) Use the model to determine if the mean dollar amounts owed by customers differ significantly for the three socioeconomic groups at a = 0.5.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 13PT

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