Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. A linear regression model was fitted to predict the city's per-capita gross metropolitan product (pcgmp: in dollars per person per year) on an

2. A linear regression model was fitted to predict the city's per-capita gross metropolitan product (pcgmp: in dollars per person per year) on an urban economies dataset. Five variables, including population of each city (pop), the fraction (not percentage) of each city's economy devoted to four industries: finance, "professional and technical" services (prof.tech), information and communications technologies (ICT), and management services (management), were used. Given the summary of the linear regression model in Figure.1, answer the following questions. Call: 1m (formula pcgmp MSA, data = bea) Residuals: 1Q Median 3Q Max Min -19160 -4813 -806 3087 25556 Coefficients: (Intercept) 2.17e+04 1.88e+03 11.52 pop Estimate Std. Error t value Pr(>|t|) < 2e-16 2.05 0.04249 2.05 0.04252 finance prof.tech 2.24e-03 2.42e+04 1.09e-03 1.18e+04 3.09e+04 3.75e+04 0.82 0.41168 ict 6.42e+04 1.61e+04 3.98 0.00011 management 1.95e+05 8.58e+04 2.28 0.02440 Residual standard error: 7250 on 127 degrees of freedom Multiple R-squared: 0.433, Adjusted R-squared: 0.411 F-statistic: 19.4 on 5 and 127 DF, p-value: 2.54e-14 a) Write the estimated model. Figure 1. b) What is the residual sum of squares (RSS) of the fitted model? c) What is the percentage of variance explained by this model? d) Is there a relationship between the city's per-capita gross metropolitan product and five variables? e) As of 2006 (when this data was collected), Pittsburgh had the following values for all the variables:

Step by Step Solution

3.41 Rating (173 Votes )

There are 3 Steps involved in it

Step: 1

a The estimated model can be written as pcgmp 21700 000224 pop 24200 finance 30900x proftech 64200 i... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business And Economics

Authors: Paul Newbold, William Carlson, Betty Thorne

8th Edition

0132745658, 978-0132745659

More Books

Students also viewed these Programming questions

Question

Do I really need this item?

Answered: 1 week ago

Question

Describe effectiveness of reading at night?

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

How has competition to McDonalds changed over its existence? Plo8

Answered: 1 week ago