a. Give the value of the correlation coefficient and interpret its meaning. -Correlation Coefficient r= 0.9598472 b. Compute the least-squares regression line for predicting energy consumption (y) from income (x). D. S c. Interpret the value of the slope.
a. Give the value of the correlation coefficient and interpret its meaning. -Correlation Coefficient r= 0.9598472 b. Compute the least-squares regression line for predicting energy consumption (y) from income (x). D. S c. Interpret the value of the slope.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
- Predict the amount of energy consumption for a household with an income of $150,000. Round to the nearest tenth.
Transcribed Image Text:Energy Consumption: @mple of ten households was monitored for one year. The household income (in
$1000s) and the amount of energy consumed (1010 joules) were determined. The results follow.
Income Energy Income Energy
31
40
28
48
195
Multiple R
R Square
16.0
40.2
Intercept
Income
29.8
45.6
96
Adjusted R Square
Standard Error
Observations
70
100
98.3
93.8
The following output was obtained after performing regression analysis in Excel:
Regression Statistics
77.1
145 114.8
184.6 78 67.0
0.9598472
0.92130665
0.91146998
14.754434
c. Interpret the value of the slope.
10
coefficients
std. error
t (df=8)
0.325169
8.940931
4.1659
0.888239 0.091781 9.677832 0.00000522134
p-value
0.753394
a. Give the value of the correlation coefficient and interpret its meaning.
-Correlation Coefficient r= 0.9598472
Lower 95%
-17.710512
0.675
Upper 95%
23.525136
1.095
b. Compute the least-squares regression line for predicting energy consumption (y) from income (x).
Transcribed Image Text:d. Predict the amount of energy consumption for a household with an income of $150,000. Round to the nearest
tenth.
e. What is the 95% confidence interval for the slope. You do not have to interpret the results.
f. Construct a 99% confidence interval for the slope. You do not have to interpret the results.
g. Test Ho: P₁ = 0 versus H₁: B₁ > 0. Can you conclude that income is useful in predicting energy consumption?
Use the a= 0.05 level of significance.
i.
Is this a left-tailed test, a right-tailed test, or a two-tailed test?
ii.
iii.
iv.
What is the value of the test statistic? Do not round.
Identify the p-value for this procedure. Do not round.
Using the p-value method, should Ho be rejected at the a = 0.05 level of significance? Why or why not?
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