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a) Display the regression chart. b) Comment on the distance of each data point verses the regression line. c) Does the pattern of points take a cigar-like shape? d) Are the points far from the line? e) Is this regression analysis a good predictor of the effect of population on expenditures? Why or why not? Justify your answer.

a) Display the regression chart. b) Comment on the distance of each data point verses the regression line. c) Does the pattern of points take a cigar-like shape? d) Are the points far from the line? e) Is this regression analysis a good predictor of the effect of population on expenditures? Why or why not? Justify your answer.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 54E: Conditional probability If 40 of the population have completed college, and 85 of college graduates...
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Population Expenditure 29 435 86 1090 219 503 47 3524 185 98 952 89 127 214 133 208 153 184 130 217 141 154 194 103
Transcribed Image Text:Population Expenditure 29 435 86 1090 219 503 47 3524 185 98 952 89 127 214 133 208 153 184 130 217 141 154 194 103
4) Run a linear regression (in Excel) with the data in the table shown in #3 above. The independent variable is population and the dependent variable is expenditure. a) Display the regression chart. b) Comment on the distance of each data point verses the regression line. c) Does the pattern of points take a cigar-like shape? d) Are the points far from the line? e) Is this regression analysis a good predictor of the effect of population on expenditures? Why or why not? Justify your answer.
Transcribed Image Text:4) Run a linear regression (in Excel) with the data in the table shown in #3 above. The independent variable is population and the dependent variable is expenditure. a) Display the regression chart. b) Comment on the distance of each data point verses the regression line. c) Does the pattern of points take a cigar-like shape? d) Are the points far from the line? e) Is this regression analysis a good predictor of the effect of population on expenditures? Why or why not? Justify your answer.
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