b. If a new observation is added with an independent variable value of $1600, what would be thevalue of the dependent variable? Would you recommend using this relationship to predict orsuggest an alternate approach? |After running the regression analysis between independent and dependent variable the below output isavailable.SUMMARY OUTPUTRegression StatisticsMultiple R0.714528R Square0.510551Adjusted R Square 0.44937Standard Error49.60803Observations10ANOVAignificance F1 20536.44 20536.44 8.344902 0.020238dfSSMSFRegressionResidual8 19687.66 2460.957Total40224.1Coefficientsandard Errt StatP-value Lower 95%Upper 95%ower 95.0%pper 95.0%Intercept-112.208 186.0395 -0.60314 0.563118 -541.216 316.7995 -541.216 316.7995X Variable0.398147 0.137827 2.888754 0.020238 0.080319 0.715976 0.080319 0.715976a. What is the equation of the line? What can you say about the relationship between the twovariables?

Name: b. If a new observation is added with an independent variable value o
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Description: b. If a new observation is added with an independent variable value of $1600, what would be thevalue of the dependent variable? Would you recommend using this relationship to predict orsuggest an alternate approach? |After running the regression ana

Answered: b. If a new observation is added with…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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b. If a new observation is added with an independent variable value of $1600, what would be the
value of the dependent variable? Would you recommend using this relationship to predict or
suggest an alternate approach?

|After running the regression analysis between independent and dependent variable the below output is
available.
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.714528
R Square
0.510551
Adjusted R Square 0.44937
Standard Error
49.60803
Observations
10
ANOVA
ignificance F
1 20536.44 20536.44 8.344902 0.020238
df
SS
MS
F
Regression
Residual
8 19687.66 2460.957
Total
40224.1
Coefficientsandard Err
t Stat
P-value Lower 95%Upper 95%ower 95.0%pper 95.0%
Intercept
-112.208 186.0395 -0.60314 0.563118 -541.216 316.7995 -541.216 316.7995
X Variable
0.398147 0.137827 2.888754 0.020238 0.080319 0.715976 0.080319 0.715976
a. What is the equation of the line? What can you say about the relationship between the two
variables?

Expert Solution

Step 1 : Part a)

It is asked to write the equation of the line.

From this output ,

Intercept = -112.208 and X variable that is Slope = 0.398147.

On the basis of this information equation of the least square line can be written as ,

Y = Intercept + Slope * X

= -112.208 + 0.398147 * X.

Thus , equation of the least square line is , Y = -112.208 + 0.398147 * X.

This regression equation shows us that the intercept value is negative implies that the model is overestimating on an average the y values thereby a negative correction in the predicted values is needed and the value of slope is positive and it represent increasing y for an increases in x.

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