Ist DignLayou: Rfeen Miings ReveTelme what you wan to do Cul Find pboard Style A

Question

Ist DignLayou: Rfeen Miings ReveTelme what you wan to do Cul Find pboard Style Age (years) Weekly Disposable Income (S) Weekly Consumption per capita (S) 35 60 50 900 50 70 75 1000 Show your work in a table. Model 1 : weekly Disposable Income-1+ Age+1i Model 2: Weekly Per Capita Consumption-fi+2Age+1 For each model a) Find and , their standard errors i.e. se(8 ) and se G82) and r2. b) Write down the equation in the format Yi= 2Xi c) Interpret the estimated regression line E O lype here to search

Explanation / Answer

## By using Minitab

a)

Model 1:

The regression equation is
Weekly Disposable Income = - 347 + 24.2 Age

Predictor Coef SE Coef T P
Constant -347.2 169.3 -2.05 0.079
Age 24.167 3.278 7.37 0.000

S = 126.969 R-Sq = 88.6% R-Sq(adj) = 87.0%

For the Regression line :Weekly Disposable Income = - 347 + 24.2 Age

The slope is 24.2 indicate that the unit change in the Age results in the $24.2 change in the Weekly Disposable Income.

Model 2

The regression equation is
Weekly Consumption Per capita = 19.7 + 0.917 Age

Predictor Coef SE Coef T P
Constant 19.722 8.899 2.22 0.062
Age 0.9167 0.1723 5.32 0.001

S = 6.67410 R-Sq = 80.2% R-Sq(adj) = 77.3%

For This model Weekly Consumption Per capita = 19.7 + 0.917 Age

The slope 0.917 indicate that the unit change in the Age results in the $0.917change in the Weekly Consumption per capita.

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