GDP The scatterplot shows the gross domestic product (GDP) of the United States in billions of dollars plotT ted against years since 1950 a) Does the value 97 1 suggest that this is a good model Explain b) Heres a scatterplot of the residuals Now do you think this is a good model for these data Exp...

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GDP. The scatterplot shows the gross domestic product (GDP) of the United States in billions of dollars

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GDP. The scatterplot shows the gross domestic product

(GDP) of the United States in billions of dollars plotT ted against years since 1950.

image text in transcribed

a) Does the value 97.1% 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?

image text in transcribed

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Business Statistics

ISBN: 9780321716095

2nd Edition

Authors: Norean D. Sharpe, Paul F. Velleman, David Bock, Norean Radke Sharpe

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Question Posted: Sep 19, 2024 02:29 PM

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GDP. The scatterplot shows the gross domestic product (GDP) of the United States in billions of dollars

Question:

GDP 10,000 8000 6000 4000 15.0 25.0 35.0 Years since 1950 45.0 55.0 A linear model fit to the relationship looks like this: Dependent variable is: GDP R-squared 97.2% s = 406.6 Variable Coeff Intercept 240.171 Year-1950 177.889

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Business Statistics

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