Pearson eText Business Statistics: First Course -- Instant Access (Pearson+)
Pearson eText Business Statistics: First Course -- Instant Access (Pearson+)
8th Edition
ISBN: 9780136880974
Author: David Levine, David Stephan
Publisher: PEARSON+
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The November 24, 2001, issue of The Economist published economic data for 15 industrialized nations. Included were the percent changes in gross domestic product (GDP), industrial production (IP), consumer prices (CP), and producer prices (PP) from Fall 2000 to Fall 2001, and the unemployment rate in Fall 2001 (UNEMP). An economist wants to construct a model to predict GDP from the other variables. A fit of the model GDP = , + P,IP + 0,UNEMP + f,CP + P,PP + € yields the following output: The regression equation is GDP = 1.19 + 0.17 IP + 0.18 UNEMP + 0.18 CP – 0.18 PP Predictor Coef SE Coef тР Constant 1.18957 0.42180 2.82 0.018 IP 0.17326 0.041962 4.13 0.002 UNEMP 0.17918 0.045895 3.90 0.003 CP 0.17591 0.11365 1.55 0.153 PP -0.18393 0.068808 -2.67 0.023 Predict the percent change in GDP for a country with IP = 0.5, UNEMP = 5.7, CP = 3.0, and PP = 4.1. a. b. If two countries differ in unemployment rate by 1%, by how much would you predict their percent changes in GDP to differ, other…
Suppose you a manager for a local car dealership, and you want to use a linear regression model to predict the price of a used car. You decide to use four predictor variables - "Age' (how long the car has been in use since it was produced), "Dents" (the number of visible dents on the outside of the car), "Accidents" (the number of accidents the car has been in), and "mpg" (the fuel efficiency of the car, measured in miles per gallon). Your dataset contains this information for the past 120 cars sold at your dealership. Using this model, your analysis finds an R² of 37%. What is the F statistic of your analysis? Note: 1- Only round your final answer. Round your final answer to two decimal places.
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