One wrd ans... it's just look big SUMMARY OUTPUTRegression StatisticsMultiple RR SquareAdjusted R SquareStandard ErrorObservations0.420882"A"0.160348178,787651ANOVAdfMSFSignificance F337183.1884 337183.2 10.54851 0.002102099RegressionResidualTotal491566285.432 31965.01501903468,62Coefficients Standard Error t Stat24.39789 113.8998288 0.214205 0.831276 -204.4923823 253.288168653.34785 16.42560445 3.247847 0.002102 20.33935972 86.35633563P-valueLower 95%Upper 95%InterceptUnemploymentClick to see additional instructionsI estimate a regression of the number of violent crimes per 100,000population on the unemployment rate for 50 states in the US plus the Districtof Columbia. Therefore, there are n=51 observations. The output from thisregression is attached.What is the R-squared statistic? It isWhat percentage of variation in violent crime rates can be explained by thevariation in unemployment rate? The percenatge is%.Question 5 of 8Click to see additional instructionsSuppose we estimate a regression of the gallons of paint sold on the price ofeach gallon and find the following estimated regression line:y = 268.7 - 18.217x.a. Predict how many gallons would be sold if the price is $8 per gallon?gallons.b. If I have a sale and lower the price by $3, how many more gallons will I sell?I will selladditional gallons of paint.Mark for Review What's This?Question 6 of 8Click to see additional instructionsThe method of Least Squares (OLS) fits the line to the data points by minimizingthe sum of squared errors (SSE), also called the sum of squared residuals.Remember that a residual is the difference between the observed yi value and thecorresponding predicted value from the regression line.If the regression line = 2 + 3x has been fitted to the data points (4, 3), (5, 1), and(1, 2), the residual sum of squares will beO Mark for Review What's This?

5 of 8 Estimated regression equation, in insights, an equation developed to show the connection…

Click to see additional instructions Suppose we estimate a regression of the gallons of paint sold on the price of each gallon and find the following estimated regression line: y = 268.7 - 18.217x. a. Predict how many gallons would be sold if the price is $8 per gallon? gallons. b. If I have a sale and lower the price by $3, how many more gallons will I sell? I will sell additional gallons of paint. OMark for Review What's This?

Click to see additional instructions Suppose we estimate a regression of the gallons of paint sold on the price of each gallon and find the following estimated regression line: y = 268.7 - 18.217x. a. Predict how many gallons would be sold if the price is $8 per gallon? gallons. b. If I have a sale and lower the price by $3, how many more gallons will I sell? I will sell additional gallons of paint. OMark for Review What's This?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.16P

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