CCI Income ($1000) 37.415 116.8 (a) Determine the equation of the regression line used to predict the CCI from the median household 68.3 35.015 income 90.5 36.770 62.6 35.237 65.9 34.710 91.6 35.122 125.3 37.010 100.0 35.887 103.7 36.106 (b) What is the value of b,? Interpret its meaning in this problem (c) Conduct an appropriate test to decide whether median household income is a good predictor of CCI. Use the following ANOVA table: df MS F Source of Variability Regression Error SS 2872.32 1 2872.32 17.32 1160.89 7. 165.84 Total 4033.21 8.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Can you please anwer all parts of the question. The Conference Board produces a Consumer Confidence Index (CCI) that reflects
people’s feelings about general business conditions, employment opportunities, and their own income prospects. Some researchers feel that consumer confidence is a
same 9 years published by the U. S. Bureau of the Census.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
