Question
1. What is a least squares regression line? What does regression tell us? Answer in at least a paragraph. 2. Given the following from https://fred.stlouisfed.org/series/G160371A027NBEA
1. What is a least squares regression line? What does regression tell us? Answer in at least a paragraph.
2. Given the following from https://fred.stlouisfed.org/series/G160371A027NBEA
| Government current expenditures: Income security: Welfare and social services | |
| Year | Billions of Dollars |
| 1960 | 4.161 |
| 1965 | 5.941 |
| 1970 | 13.335 |
| 1975 | 30.247 |
| 1980 | 48.506 |
| 1985 | 64.651 |
| 1990 | 90.7 |
| 1995 | 129.75 |
| 2000 | 142.631 |
| 2005 | 189.985 |
| 2010 | 262.258 |
| 2015 | 274.928 |
| 2018 | 278.915 |
| 2019 | 289.589 |
| 2020 | 612.259 |
| 2021 | 977.791 |
- Create scatter diagram from 1960 to 2015 which shows the trend line (this is the regression line) and provide the coefficient of determination.
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Understanding Basic Statistics
Authors: Charles Henry Brase, Corrinne Pellillo Brase
6th Edition
978-1133525097, 1133525091, 1111827028, 978-1133110316, 1133110312, 978-1111827021
