4 B D E F G H The estimated regression equation predicts that for each additional $1,000 income life insurance policy will rise by ($1,000) a 3.507 b 4.126 C d 4.855 5.711 5 A99H a b The income of one policy holder is 85 ($1000). The predicted life insurance policy is 380.664 362.537 C 345.273 d 328.832 The observed policy amount for the policy holder in previous question is 391 ($1,000). The prediction error is 52.935 2 b 50.414 3 c 48.013 4 d 45.727 5 16 17 18 19 20 21 22 23 247 25 a The sum of squared errors (SSE) is. 21,127.68 126 b 20,315.07 127 C 19,533.73 28 d 18,782.43 ($1,000) INSUR INCOME 78 25 101 25 223 53 214 57 354 97 261 61 138 31 176 34 614 133 123 35 204 48 363 93 369 86 173 44 312 82 561 147 153 41 120 36 221 48 602 143 349 96 391 85 180 47 335 89 602 143 98 24 206 57 209 52 340 90 261 62 169 37
4 B D E F G H The estimated regression equation predicts that for each additional $1,000 income life insurance policy will rise by ($1,000) a 3.507 b 4.126 C d 4.855 5.711 5 A99H a b The income of one policy holder is 85 ($1000). The predicted life insurance policy is 380.664 362.537 C 345.273 d 328.832 The observed policy amount for the policy holder in previous question is 391 ($1,000). The prediction error is 52.935 2 b 50.414 3 c 48.013 4 d 45.727 5 16 17 18 19 20 21 22 23 247 25 a The sum of squared errors (SSE) is. 21,127.68 126 b 20,315.07 127 C 19,533.73 28 d 18,782.43 ($1,000) INSUR INCOME 78 25 101 25 223 53 214 57 354 97 261 61 138 31 176 34 614 133 123 35 204 48 363 93 369 86 173 44 312 82 561 147 153 41 120 36 221 48 602 143 349 96 391 85 180 47 335 89 602 143 98 24 206 57 209 52 340 90 261 62 169 37
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Solve all parts with proper calculation and explanation
Transcribed Image Text:4
B
D
E
F
G
H
The estimated regression equation predicts that for each additional $1,000 income life insurance
policy will rise by
($1,000)
a
3.507
b
4.126
C
d
4.855
5.711
5
A99H
a
b
The income of one policy holder is 85 ($1000). The predicted life insurance policy is
380.664
362.537
C
345.273
d
328.832
The observed policy amount for the policy holder in previous question is 391 ($1,000).
The prediction error is
52.935
2 b
50.414
3
c
48.013
4
d
45.727
5
16
17
18
19
20
21
22
23
247
25
a
The sum of squared errors (SSE) is.
21,127.68
126 b
20,315.07
127
C
19,533.73
28 d
18,782.43
($1,000)
Transcribed Image Text:INSUR
INCOME
78
25
101
25
223
53
214
57
354
97
261
61
138
31
176
34
614
133
123
35
204
48
363
93
369
86
173
44
312
82
561
147
153
41
120
36
221
48
602
143
349
96
391
85
180
47
335
89
602
143
98
24
206
57
209
52
340
90
261
62
169
37
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