Consider the following data on x = weight (pounds) and y = price (5) for 10 road-
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
The second slide is the first part of the question and the first slide is the second part of the question
Given information:
Given data represents the values of the variables X = Weight and Y = Price for a sample of 10 brands.
The estimated regression equation is Y^ = 28466 – 1432*X.
The values of error sum of squares and total sum of squares is SSE = 7141227.05 and SST = 51699800.
Test the significance of the model:
The investigator is interested to test whether the model is significant or not.
Denote β1 as the regression coefficient for the predictor variable X = weight.
The null and alternate hypotheses are stated below:
Null hypothesis H0:
H0: β1 = 0
That is, the regression model is not significant.
Alternative hypothesis H1:
H1: β1 ≠ 0
That is, the regression model is significant.
The level of significance is α = 0.05.
Test statistic:
Here, the total number of observations is N = 10 and the number of independent variables k = 1.
The F-statistic value is obtained as given below:
Thus, the F-test statistic value is F-statistic = 49.92.
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