Homework Help is Here – Start Your Trial Now!
Math
Statistics
1. An economist wants to estimate the relationship between a family's annual income and the amount that family saved. The following data from nine families are obtained: 120 140 150 160 | 170 | 180 200 Annual Income | (Rs. in thousands) Annual Saving (Rs. in thousands) 130 190 0.0 | 0.1 0.2 | 0.2 | 0.5 | 0.5 0.6 | 0.7 0.8 Requirements: a) b) c) d) e) Draw a scatter plot. State whether the slope is positive or negative Find out predicting equation for annual sales based on annual advertising expenditure. Predict annual saving for a family whose annual income is Rs. 250 (in thousands). Find out standard error of the estimate. Find out the standard error of the slope “b". Find out prediction interval for 95% confidence level. f) Check whether the slope b is statistically significant by using t-statistic test. g) Find out coefficient of determination (r2) and interpret the result. h) Check whether the estimating equation is goodness of fit by using f-statistic test. (Note: for hint on solution of problem no. 1, see the solved problem of regression and correlation) 2. The following table shows the chart of price and demand for an item at different prices of time: | Price Rs. (X) Demand (kg) Y a) Predict demand for the price of Rs. 35. (OR Predict Y for X=35) b) Forecast price for the demand of 25 kgs. (Or predict X for Y=25kgs) | 18 12 65 15 18 50 25 22 41 20 45 60 40 56

1. An economist wants to estimate the relationship between a family's annual income and the amount that family saved. The following data from nine families are obtained: 120 140 150 160 | 170 | 180 200 Annual Income | (Rs. in thousands) Annual Saving (Rs. in thousands) 130 190 0.0 | 0.1 0.2 | 0.2 | 0.5 | 0.5 0.6 | 0.7 0.8 Requirements: a) b) c) d) e) Draw a scatter plot. State whether the slope is positive or negative Find out predicting equation for annual sales based on annual advertising expenditure. Predict annual saving for a family whose annual income is Rs. 250 (in thousands). Find out standard error of the estimate. Find out the standard error of the slope “b". Find out prediction interval for 95% confidence level. f) Check whether the slope b is statistically significant by using t-statistic test. g) Find out coefficient of determination (r2) and interpret the result. h) Check whether the estimating equation is goodness of fit by using f-statistic test. (Note: for hint on solution of problem no. 1, see the solved problem of regression and correlation) 2. The following table shows the chart of price and demand for an item at different prices of time: | Price Rs. (X) Demand (kg) Y a) Predict demand for the price of Rs. 35. (OR Predict Y for X=35) b) Forecast price for the demand of 25 kgs. (Or predict X for Y=25kgs) | 18 12 65 15 18 50 25 22 41 20 45 60 40 56

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
icon
Concept explainers
Topic Video
Question
1. An economist wants to estimate the relationship between a family's annual income and the amount that family saved. The following data from nine families are obtained: 170 180 Annual Income 120 130 140 150 160 190 200 (Rs. in thousands) Annual Saving 0.0 0.1 0.2 0.2 0.5 0.5 0.6 0.7 0.8 (Rs. in thousands) Requirements: a) b) c) Draw a scatter plot. State whether the slope is positive or negative Find out predicting equation for annual sales based on annual advertising expenditure. Predict annual saving for a family whose annual income is Rs. 250 (in thousands). Find out standard error of the estimate. Find out the standard error of the slope “b". Find out prediction interval for 95% confidence level. Check whether the slope b is statistically significant by using t-statistic test. Find out coefficient of determination (r2) and interpret the result. Check whether the estimating equation is goodness of fit by using f-statistic test. f) g) h) (Note: for hint on solution of problem no. 1, see the solved problem of regression and correlation) 2. The following table shows the chart of price and demand for an item at different prices of time: Price Rs. (X) Demand (kg) Y a) Predict demand for the price of Rs. 35. (OR Predict Y for X=35) b) Forecast price for the demand of 25 kgs. (Or predict X for Y=25kgs) 12 15 18 25 22 18 20 65 60 50 41 40 56 45
Transcribed Image Text:1. An economist wants to estimate the relationship between a family's annual income and the amount that family saved. The following data from nine families are obtained: 170 180 Annual Income 120 130 140 150 160 190 200 (Rs. in thousands) Annual Saving 0.0 0.1 0.2 0.2 0.5 0.5 0.6 0.7 0.8 (Rs. in thousands) Requirements: a) b) c) Draw a scatter plot. State whether the slope is positive or negative Find out predicting equation for annual sales based on annual advertising expenditure. Predict annual saving for a family whose annual income is Rs. 250 (in thousands). Find out standard error of the estimate. Find out the standard error of the slope “b". Find out prediction interval for 95% confidence level. Check whether the slope b is statistically significant by using t-statistic test. Find out coefficient of determination (r2) and interpret the result. Check whether the estimating equation is goodness of fit by using f-statistic test. f) g) h) (Note: for hint on solution of problem no. 1, see the solved problem of regression and correlation) 2. The following table shows the chart of price and demand for an item at different prices of time: Price Rs. (X) Demand (kg) Y a) Predict demand for the price of Rs. 35. (OR Predict Y for X=35) b) Forecast price for the demand of 25 kgs. (Or predict X for Y=25kgs) 12 15 18 25 22 18 20 65 60 50 41 40 56 45
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS