You come across a magazine article reporting the following relationship between annual expenditure on prepared dinners (PD)
Question:
PD = 23.4 + 0.003 INC
The coefficient of the INC variable is reported as significant.
a. Does this relationship seem plausible? Is it possible to have a coefficient that is small in magnitude and yet significant?
b. From the information given, can you tell how good the estimated model is?
c. What are the expected expenditures on prepared dinners of a family earning $30,000?
d. If a family earning $40,000 spent $130 annually on prepared dinners, what is the residual?
e. What is the meaning of a negative residual?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a The relationship seems believable since the greater the income the more likely one i...View the full answer
Answered By
Sajid Rizvi
My teaching experience started in high school where I volunteered to help out my friends and juniors in Physics, Chemistry, and Maths for various entrance exams in my Country before i got admitted to one of the most premier institutes in the country.
I have been a teaching assistant for all the courses related to my major and also for various other programming courses through CTE (Center for Technical Education), an initiate taken by our university to help students explore other domains. I have also had several tutoring experiences through PMP(Peer mentorship programme) to help out our fellow juniors and Abhigyaan, a programme adopted to help socially underprivileged children around our campus.
0 Reviews
10+ Question Solved
Related Book For 
Marketing Research An Applied Orientation
ISBN: 978-0136085430
6th edition
Authors: Naresh K Malhotra
Question Posted:
