The scatterplot shows the gross domestic product (GDP) of the United States in trillions of (2010) dollars

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The scatterplot shows the gross domestic product (GDP) of the United States in trillions of (2010) dollars plotted against years since 1960. (Data in GDP and DJIA 2017)

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A linear model fit to the relationship looks like this: (We?ve included much of the regression table as you?d see it from a statistics program.)

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a) Does the value 98.0% suggest that this is a good model? Explain.

b) Here?s a scatterplot of the residuals. Now do you think this is a good model for these data? Explain?

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Business Statistics

ISBN: 9780134705217

4th Edition

Authors: Norean Sharpe, Richard Veaux, Paul Velleman

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