Suppose you have developed a regression model to explain the relationship between y and x1, x2, and
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Suppose you have developed a regression model to explain the relationship between y and x1, x2, and x3. The ranges of the variables you observed were as follows: 10 … y … 100, 5 … x1 … 55, .5 … x2 … 1, and 1,000 … x3 … 2,000. Will the error of prediction be smaller when you use the least squares equation to predict y when x1 = 30, x2 = .6, and x3 = 1,300, or when x1 = 60, x2 = .4, and x3 = 900? Why?
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Statistics For Business And Economics
ISBN: 9781292413396
14th Global Edition
Authors: James McClave, P. Benson, Terry Sincich
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