An economic organization tracks summary statistics of various countries. These include GDP (gross domestic product per capita) and trade balances (measured as a percentage of GDP). Exporting countries tend to have large positive trade balances. Importers have negative balances. The data are shown in the accompanying table. Formulate the SRM with GDP as the response and Trade Balance as the explanatory variable. Complete parts (a) through (c) below. Click the icon to view the data table. (a) Country X reported the highest positive balance of trade, 24.2% of GDP and per capita GDP equal to $63,000. Fit the least squares equation both with and without country X and compare the results. Does the fitted slope change by very much? Find the least squares equation without country X. Complete the equation below. Estimated GDP ($ per cap) = ☐ ☐ Trade Bal (%GDP) (Round to the nearest integer as needed.) Data Table - X Trade Balance (%GDP) GDP ($ per capita) -6.3 16,876 15.7 44,932 -0.9 9,334 -7.9 13,817 14.4 37,181 6.6 28,298 -3.8 5,909 0.6 31,245 -0.7 27,892 -4.8 32,944 14.7 45,217 6.4 36,235 3.5 13,028 8.9 50,784 -0.8 38,157 5.7 27,787 -6.1 15,479 8.8 58,521 2.3 27,042 4 17,273
An economic organization tracks summary statistics of various countries. These include GDP (gross domestic product per capita) and trade balances (measured as a percentage of GDP). Exporting countries tend to have large positive trade balances. Importers have negative balances. The data are shown in the accompanying table. Formulate the SRM with GDP as the response and Trade Balance as the explanatory variable. Complete parts (a) through (c) below. Click the icon to view the data table. (a) Country X reported the highest positive balance of trade, 24.2% of GDP and per capita GDP equal to $63,000. Fit the least squares equation both with and without country X and compare the results. Does the fitted slope change by very much? Find the least squares equation without country X. Complete the equation below. Estimated GDP ($ per cap) = ☐ ☐ Trade Bal (%GDP) (Round to the nearest integer as needed.) Data Table - X Trade Balance (%GDP) GDP ($ per capita) -6.3 16,876 15.7 44,932 -0.9 9,334 -7.9 13,817 14.4 37,181 6.6 28,298 -3.8 5,909 0.6 31,245 -0.7 27,892 -4.8 32,944 14.7 45,217 6.4 36,235 3.5 13,028 8.9 50,784 -0.8 38,157 5.7 27,787 -6.1 15,479 8.8 58,521 2.3 27,042 4 17,273
Chapter6: Systems Of Equations And Inequalities
Section: Chapter Questions
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Transcribed Image Text:An economic organization tracks summary statistics of various countries. These include GDP (gross domestic product per capita) and trade balances (measured as a percentage of GDP).
Exporting countries tend to have large positive trade balances. Importers have negative balances. The data are shown in the accompanying table. Formulate the SRM with GDP as the response
and Trade Balance as the explanatory variable. Complete parts (a) through (c) below.
Click the icon to view the data table.
(a) Country X reported the highest positive balance of trade, 24.2% of GDP and per capita GDP equal to $63,000. Fit the least squares equation both with and without country X and compare the
results. Does the fitted slope change by very much?
Find the least squares equation without country X. Complete the equation below.
Estimated GDP ($ per cap) = ☐ ☐ Trade Bal (%GDP)
(Round to the nearest integer as needed.)
Data Table
- X
Trade Balance
(%GDP)
GDP
($ per capita)
-6.3
16,876
15.7
44,932
-0.9
9,334
-7.9
13,817
14.4
37,181
6.6
28,298
-3.8
5,909
0.6
31,245
-0.7
27,892
-4.8
32,944
14.7
45,217
6.4
36,235
3.5
13,028
8.9
50,784
-0.8
38,157
5.7
27,787
-6.1
15,479
8.8
58,521
2.3
27,042
4
17,273
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