Study the following Excel regression output for an analysis attempting to predict the number of union members in the United States by the size of the labor force for selected years over a 30-year period from data published by the U.S. Bureau of Labor Statistics. Analyze the computer output. Discuss the strength of the model in terms of proportion of variation accounted for, slope, and overall predictability. Using the equation of the regression line, attempt to predict the number of union members when the labor force is 110,000.The model was developed with data already recorded in 1,000 units. Use the data in the model asis.

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SUMMARY OUTPUT Regression Statistics Multiple F R Square Adjusted R Square Standard Error Observations 0.798 0.636 0.612 258.632 ANOVA Regression Residual Total df 1 15 1756035.529 1003354.471 2759390 MS 1756036 26.25 66890.3 Significance F 0.00012 Intercept Total Employment Coefficients 20704.3805 -0.0390 Standard Error 879.606:7 t Stat P-value 23.540.00000 -5.12 0.00012 0.0076