Agriculture production estimation. Refer to the OECD– FAO Agricultural Outlook 2020–2029 report regarding agriculture production in Exercise 11.22. You fit the simple linear regression model relating y = estimated growth rate (in %) for 2020 to 2029 to x = quantity produced (in Kiloton) within 2017 and 2019.

a. Find s, the estimated standard deviation of the random error term, for the model.

b. Give a practical interpretation of s.