The Organisation for Economic Co-operation and Development collects data on Main
ID: 3023302 • Letter: T
Question
The Organisation for Economic Co-operation and Development collects data on Main Economic Indicators (MEIs) for many countries. Each variable is recorded as an index with the year 2000 serving as a base year. This means that the variable for each year is reported as a ratio of the value for the year divided by the value for 2000. Use of indices in this way makes it easier to compare values for different countries. The following table gives the values of three MEIs for 21 countries:
1.
1.) What is the predicted value of production for a country that has an index of 160 for dwelling permits?
(Use decimal notation. Give your answer with tolerance = ±1.)
2)The country with ID = 15 has an index of 160 for dwelling permits. Find the residual for this country.
(Residual is actual value minus predicted value.)
Please answer parts 1 and 2 using the charts provided above, if possible include your excel tables....Thanks.
(Use decimal notation. Give your answer with tolerance = ±1.)
The Organisation for Economic Co-operation and Development collects data on Main Economic Indicators (MEIs) for many countries. Each variable is recorded as an index with the year 2000 serving as a base year. This means that the variable for each year is reported as a ratio of the value for the year divided by the value for 2000. Use of indices in this way makes it easier to compare values for different countries. The following table gives the values of three MEIs for 21 countries:
Country ID Dwelling permits Sales Production 1 119 134 114 2 128 106 109 3 220 122 102 4 180 134 159 5 124 125 109 6 108 136 127 7 149 122 103 8 52 100 119 9 117 133 105 10 113 138 153 11 96 125 140 12 85 101 105 13 158 113 159 14 145 165 115 15 160 104 107 16 123 143 112 17 129 131 92 18 163 139 158 19 52 112 106 20 122 118 105
1.
1.) What is the predicted value of production for a country that has an index of 160 for dwelling permits?
(Use decimal notation. Give your answer with tolerance = ±1.)
2)The country with ID = 15 has an index of 160 for dwelling permits. Find the residual for this country.
(Residual is actual value minus predicted value.)
Please answer parts 1 and 2 using the charts provided above, if possible include your excel tables....Thanks.
(Use decimal notation. Give your answer with tolerance = ±1.)
Explanation / Answer
Please find the link for downloading the original excel sheet at the end of this solution.
Thus the regression equation will be given by,
Production = 107.9 + 0.1 * Dwelling Permits
1. Production = 107.9 + 0.1 * 160 = 124
2. Residual = Actual - Predicted = 107 - 124 = -17
https://www.dropbox.com/s/9gk77pd6wcj5j9m/dwelling%20permits.xlsx?dl=0
SUMMARY OUTPUT Regression Statistics Multiple R 0.18 R Square 0.03 Adjusted R Square -0.02 Standard Error 21.80 Observations 20 ANOVA df SS MS F Significance F Regression 1 274.73 274.73 0.58 0.46 Residual 18 8554.22 475.23 Total 19 8828.95 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 107.9 16.6 6.5 0.0 72.9 142.8 72.9 142.8 Dwelling permits 0.1 0.1 0.8 0.5 -0.2 0.4 -0.2 0.4Related Questions
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