SCATTER PLOT ADDED AS IMAGE (2) Compare the r-square of the simple linear model (shown in the scatter plot in Question a) and the r-square of the multiple regression model, what does the differences in r-squares tell us? (0.5’) What does F-test for significance tell us? (0.5’) What does t-test for significance tell us? (0.5’) Can you tell from the 95% confidence intervals whether the two independent variables are statistically significant? Explain. (0.5’) If a household has 3 members, and has an annual income of $100,000, predict this household’s monthly spending. Show decimal places to the thousands (e.g. 3.456) (0.5’) Is there any multicollinearity problem in the above regression model? How do you know? (0.5’)
SCATTER PLOT ADDED AS IMAGE (2) Compare the r-square of the simple linear model (shown in the scatter plot in Question a) and the r-square of the multiple regression model, what does the differences in r-squares tell us? (0.5’) What does F-test for significance tell us? (0.5’) What does t-test for significance tell us? (0.5’) Can you tell from the 95% confidence intervals whether the two independent variables are statistically significant? Explain. (0.5’) If a household has 3 members, and has an annual income of $100,000, predict this household’s monthly spending. Show decimal places to the thousands (e.g. 3.456) (0.5’) Is there any multicollinearity problem in the above regression model? How do you know? (0.5’)
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
Problem 3SE: What is regression analysis? Describe the process of performing regression analysis on a graphing...
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(2) Compare the r-square of the simple linear model (shown in the scatter plot in Question a) and the r-square of the multiple regression model, what does the differences in r-squares tell us? (0.5’)
- What does F-test for significance tell us? (0.5’)
- What does t-test for significance tell us? (0.5’)
- Can you tell from the 95% confidence intervals whether the two independent variables are statistically significant? Explain. (0.5’)
- If a household has 3 members, and has an annual income of $100,000, predict this household’s monthly spending.
Show decimal places to the thousands (e.g. 3.456) (0.5’)
- Is there any multicollinearity problem in the above regression model? How do you know? (0.5’)
Transcribed Image Text:Household spending
6000
5000
4000
3000
2000
1000
0
Scatter plot and Regression equation
10000
20000
30000
40000
50000
House hold Income
60000
y=0.0405x+2204
R²=0.3981
70000
80000
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