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Use the regression equation to project adjusted price indices for the next ten years. Regression equation ? = 23.69871 X + 1958.25615 Personal comments: How
Use the regression equation to project adjusted price indices for the next ten years.
Regression equation ? = 23.69871X + 1958.25615
Personal comments: How do you use the regression equation to obtain adjusted prices index for the next ten years? My answers give me big numbers that don't continue make sense. Thank you
Number Year Gross Income Price Index Adjusted Price Index Real Income Sample Varianc 227951.0084 1 2004 $60,056.00 188.9 1.889 $31,792.48 Sample Deviati 477.4421519 2005 $61,257.00 195.3 1.953 $31,365.59 Mean $31,104.12 2006 $62,482.00 201.6 2.016 $30,993.06 Median $30,993.06 DAWN 2007 $63,732.00 207.3 2.073 $30,743.85 2008 $65,007.00 215.3 2.153 $30,193.68 6 2009 $66,307.00 214.5 2.145 $30,912.35 7 2010 $67,633.00 218.1 2.181 $31,010.09 8 201 $68,986.00 224.9 2.249 $30,674.08 9 2012 $70,366.00 229.6 2.296 $30,647.21 10 2013 $71,773.00 233 2.33 $30,803.86 11 2014 $73,208.00 236.7 2.367 $30,928.60 12 2015 $74,672.00 237 2.37 $31,507.17 13 2016 $76,165.00 240 2.4 $31,735.42 14 2017 $77,688.00 245.1 2.451 $31,696.45 15 2018 $79,242.00 251.1 2.511 $31,557.95 SUMMARY OUTPUT Regression Statistics Multiple R 0.98987728 R Square 0.97985702 Adjusted R Square 0.97830757 Standard Error 0.65867192 Observations 15 ANOVA df SS MS F Significance F Regression 1 274.359967 274.359967 632.386291 2.08E-12 Residual 13 5.64003303 0.43384869 Total 14 280 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Year 1958.25615 2.10428052 930.606034 9.62E-33 1953.71013 1962.80217 Adjusted Price Index 23.6987101 0.94239611 25.1472919 2.08E-12 21.6627871 25.7346331Step by Step Solution
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