Use the data in Table 1.2 to calculate least squares estimates of the relationship between income and
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Use the data in Table 1.2 to calculate least squares estimates of the relationship between income and spending. What is the estimated slope?
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Table 1.2: Family Income and Spending, 1935-1936 [12] Income Range ($) Average Income ($) Average Spending ($) <500 292 493 500-999 730 802 1,000-1,499 1,176 1,196 1,500-1,999 1,636 1,598 2,000-2,999 2,292 2,124 3,000-3,999 3,243 2,814 4,000-4,999 4,207 3,467 5,000-10,000 6,598 4,950
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Related Book For
Essential Statistics Regression And Econometrics
ISBN: 9780123822215
1st Edition
Authors: Gary Smith
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