You have calculated the following power model and associated unit space values:

Question

You have calculated the following power model and associated unit space values: cost = 2.71 (Horsepower)0.635 n=6 Summation of (Y-Yhat)2= 412 as an alternative you could use the linear equation: cost= 395.68+1.85 (Horsepower) SE=12.25

Possible answers:

  Linear equation because it has a lower standard error than the power model.    Power equation because it has a higher standard error than the linear model.    Power equation because it has a lower standard error than the linear model.    Linear equation because it has a higher standard error than the power model.

Explanation / Answer

SOl)

cost = 2.71 (Horsepower)0.635 n=6

Summation of (Y-Yhat)2= 412

SE=sqrt(412/6) =8.29

as an alternative you could use the linear equation:

cost= 395.68+1.85 (Horsepower) SE=12.25

From both models power model SE is less than linear model

Hence Power model is the best model

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