Income (in 1960 dollars/person) for European countries and the percent of the labor force (in %) that works in agriculture in 1960 are in the table below ('OECD economic development,' 2013).X, percent of labor in agriculture (in %)Y, income (in 1960 dollars/person)151242563242097742290111361275046100579177236811181018104914164420101315103525839 c) Find the equation of the best-fitting line (the least squares regression equation).Round values to 2 decimal places.Include the restricted domain.equation: ? =restricted domain:% <= x <=• Every time we increase Select an answerSelect an answer byd) Interpret the slope from part c in the context of this problem. (Pay attention to the units). When Select an answerSelect an answer* X%we can expect Select an answer✓ise) Interpret the Y-intercept from part c in the context of this problem. Include units.to beDoes it make sense to interpret the Y-intercept on this problem?Why or why not? Select an answerbyVon average.we expectf) Should you use the regression equation to predict the income of a randomly selected European countrythat has a percent of labor in agriculture of 7 %?Select an answer f) Should you use the regression equation to predict the income of a randomly selected European countrythat has a percent of labor in agriculture of 7 %?Select an answerShould you use the regression equation to predict the income of a randomly selected European countrythat has a percent of labor in agriculture of 137 %?Select an answerLooking at your answers above, predict the income for the one above that it made sense to do so.Make sure you use the stored equation and not the rounded equation from part c.Round final answer to 2 decimal places.• The predicted income for a randomly selected European country that has a percent of labor inagriculture of% isg) Compute the residual for the following ordered pair in the data: (23, 681).Make sure you use the stored equation and not the rounded equation from part c.Round final answer to 2 decimal places.The residual for the European country with a percent of labor in agriculture of 23 % isInterpret what this value means in the context of this problem.• The actual income of a randomly selected European country with a percent of labor in agriculture of23 % isSelect an answer ✓ what was predicted.

c)By the given data, we use R-software and get outputs asRegression line :Ŷ = 1289.94 -…

Income (in 1960 dollars/person) for European countries and the percent of the labor force (in %) that works in agriculture in 1960 are in the table below ('OECD economic development,' 2013). X, percent of labor in agriculture (in %) Y, income (in 1960 dollars/person) 15 1242 56 324 20 977 42 290 11 1361 27 504 6 1005 79 177 23 681 11 810 18 1049 14 1644 20 1013 15 1035 25 839

Income (in 1960 dollars/person) for European countries and the percent of the labor force (in %) that works in agriculture in 1960 are in the table below ('OECD economic development,' 2013). X, percent of labor in agriculture (in %) Y, income (in 1960 dollars/person) 15 1242 56 324 20 977 42 290 11 1361 27 504 6 1005 79 177 23 681 11 810 18 1049 14 1644 20 1013 15 1035 25 839

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter3: Straight Lines And Linear Functions

Section3.CR: Chapter Review Exercises

Problem 15CR: Life Expectancy The following table shows the average life expectancy, in years, of a child born in...

See similar textbooks

X, percent of labor in agriculture (in %)	Y, income (in 1960 dollars/person)
15	1242
56	324
20	977
42	290
11	1361
27	504
6	1005
79	177
23	681
11	810
18	1049
14	1644
20	1013
15	1035
25	839

Similar questions

Demand for Candy Bars In this problem you will determine a linear demand equation that describes the demand for candy bars in your class. Survey your classmates to determine what price they would be willing to pay for a candy bar. Your survey form might look like the sample to the left. a Make a table of the number of respondents who answered yes at each price level. b Make a scatter plot of your data. c Find and graph the regression line y=mp+b, which gives the number of respondents y who would buy a candy bar if the price were p cents. This is the demand equation. Why is the slope m negative? d What is the p-intercept of the demand equation? What does this intercept tell you about pricing candy bars? Would you buy a candy bar from the vending machine in the hallway if the price is as indicated. Price Yes or No 50 75 1.00 1.25 1.50 1.75 2.00
Cellular Phone Subscribers The table shows the numbers of cellular phone subscribers y in millions in the United States from 2008 through 2013. Source: CTIA- The Wireless Association Year200820092010201120122013Number,y270286296316326336 (a) Find the least squares regression line for the data. Let x represent the year, with x=8 corresponding to 2008. (b) Use the linear regression capabilities of a graphing utility to find a linear model for the data. How does this model compare with the model obtained in part a? (c) Use the linear model to create a table of estimated values for y. Compare the estimated values with the actual data.
Find the equation of the regression line for the following data set. x 1 2 3 y 0 3 4
Life Expectancy The following table shows the average life expectancy, in years, of a child born in the given year42 Life expectancy 2005 77.6 2007 78.1 2009 78.5 2011 78.7 2013 78.8 a. Find the equation of the regression line, and explain the meaning of its slope. b. Plot the data points and the regression line. c. Explain in practical terms the meaning of the slope of the regression line. d. Based on the trend of the regression line, what do you predict as the life expectancy of a child born in 2019? e. Based on the trend of the regression line, what do you predict as the life expectancy of a child born in 1580?2300