The following data, taken from 8 towns in Alberta, are the percentage of residents who are university graduates and the median household incomes (in $ 1000's) for all households in each town. Graduates (%) Median Income ($ 1000) 61.7 47.6 50.9 34.1 57.1 31.5 56.4 41.3 42.8 34.5 42.1 28.1 33.2 23.1 19.2 20.4 (a) State the slope term and the Y -intercept term of the least squares regression line which attempts to predict the median income of a town in Alberta based on its linear relationship with the percentage of residents who are university graduates.(b) Find the correlation coefficient(c) As the percenage of university graduates increases by 10%, the median income will change (in $ 1000s) by (make sure you include the positive or negative sign) (d) What percentage of the variation in the variable Median Income is not explained by its linear relationship to the variable Percentage of University Graduates? Use at least one place after the decimal.(e) Using your answer in (a), predict the average median income of an Alberta town with 24.0% of its residents being university graduates is
The following data, taken from 8 towns in Alberta, are the percentage of residents who are university graduates and the median household incomes (in $ 1000's) for all households in each town. Graduates (%) Median Income ($ 1000) 61.7 47.6 50.9 34.1 57.1 31.5 56.4 41.3 42.8 34.5 42.1 28.1 33.2 23.1 19.2 20.4 (a) State the slope term and the Y -intercept term of the least squares regression line which attempts to predict the median income of a town in Alberta based on its linear relationship with the percentage of residents who are university graduates.(b) Find the correlation coefficient(c) As the percenage of university graduates increases by 10%, the median income will change (in $ 1000s) by (make sure you include the positive or negative sign) (d) What percentage of the variation in the variable Median Income is not explained by its linear relationship to the variable Percentage of University Graduates? Use at least one place after the decimal.(e) Using your answer in (a), predict the average median income of an Alberta town with 24.0% of its residents being university graduates is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following data, taken from 8 towns in Alberta, are the percentage of residents who are university graduates and the median household incomes (in $ 1000's) for all households in each town.
| Graduates (%) | Median Income ($ 1000) |
| 61.7 | 47.6 |
| 50.9 | 34.1 |
| 57.1 | 31.5 |
| 56.4 | 41.3 |
| 42.8 | 34.5 |
| 42.1 | 28.1 |
| 33.2 | 23.1 |
| 19.2 | 20.4 |
(a) State the slope term and the Y -intercept term of the least squares regression line which attempts to predict the median income of a town in Alberta based on its linear relationship with the percentage of residents who are university graduates.
(b) Find the correlation coefficient
(c) As the percenage of university graduates increases by 10%, the median income will change (in $ 1000s) by (make sure you include the positive or negative sign)
(d) What percentage of the variation in the variable Median Income is not explained by its linear relationship to the variable Percentage of University Graduates? Use at least one place after the decimal.
(e) Using your answer in (a), predict the average median income of an Alberta town with 24.0% of its residents being university graduates is
(b) Find the correlation coefficient
(c) As the percenage of university graduates increases by 10%, the median income will change (in $ 1000s) by (make sure you include the positive or negative sign)
(d) What percentage of the variation in the variable Median Income is not explained by its linear relationship to the variable Percentage of University Graduates? Use at least one place after the decimal.
(e) Using your answer in (a), predict the average median income of an Alberta town with 24.0% of its residents being university graduates is
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