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The Conference Board produces a Consumer Condence Index (CCI) that reects people's feelings about general business conditions, employment opportunities, and their own income prospects. Some
The Conference Board produces a Consumer Condence Index (CCI) that reects people's feelings about general business conditions, employment opportunities, and their own income prospects. Some researchers may feel that consumer condence is a function of the median household income. Shown here are the CCIs for 9 years and the median household incomes for the same 9 years published by the US. Census Bureau. Determine the equation of the regression line to predict the CCI from the median household income. Compute the standard error of the estimate, S", for this model. Compute the value of r2. Does median household income appear to be a good predictor of the CC I? Why or why not? CCI Median Household Income ($1,000) 116.8 37.415 91.5 36.770 68.5 35.501 61.6 35.047 65.9 34.700 90.6 34.942 100.0 35.887 104.6 36.306 125.4 37.005 *(Do not round the intermediate values. Round your answers to 4 decimal places.) \"(Round the intermediate values to 4 decimal places. Round your answers to 3 decimal places.) 3?: 699.3674 *+( 0.0192 ')x
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