The table below shows the gross domestic product at 2012 constant prices (in $ millions) of consumer
Question:
The table below shows the gross domestic product at 2012 constant prices (in $ millions) of consumer durables and nondurables in Canada. Is there a linear relationship between the shipments of durables and nondurables? In other words, if we know the value of nondurables shipped in any one year, can we predict the value of durables during that year? According to the model, if in any given year the nondurables shipment is $260,000 million, what would the predicted amount for durables shipment be for the same year? Construct a confidence interval for the average y value for $260,000 million. Use the t statistic to determine whether the slope is significantly different from zero. Use α = 0.05.
Step by Step Answer:
Business Statistics For Contemporary Decision Making
ISBN: 9781119577621
3rd Canadian Edition
Authors: Ken Black, Ignacio Castillo