Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the dataset in Homework 3 The Declination of house insurance renewals (%), the Fire Reports (%), Crime Rate (%), House Age (years), Minority Population
Given the dataset in Homework 3 The Declination of house insurance renewals (%), the Fire Reports (%), Crime Rate (%), House Age (years), Minority Population (%), and Income ($1000s). The table below shows the first 8 samples (houses) of the available data. MinorityPop FireReport CrimeRate HouseAge Income Declination 54 34.1 68 52.6 82 . 31 0.3 4.9 11 75 42.6 214. 8 0 . 02 7.1 6.9 18 78. 5 111 .04 0. 02 5.3 7.3 31 90. 1 106.94 0 . 4 21.5 15.1 25 89. 8 96.31 1.1 43.1 29.1 34 82. 7 79.95 1.9 1.1 2.2 14 40.2 137.22 0. 02 1 5.7 11 27.9 162.5 0 . 02 The insurance company is interested to predict the declination of renewals as a function of the remaining variables.Final Step: Residual Analysis and Validation of the WLS Assumptions Normality assumption: OO-plot for the residuals QQ Plot of Sample Data versus Standard Normal 1.5 Pr(-1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started