The money raised and spent (both in millions of dollars) by all congressional ca
ID: 3203846 • Letter: T
Question
The money raised and spent (both in millions of dollars) by all congressional campaigns for 8 recent 2-year periods are shown in the table. The equation of the regression line is ModifyingAbove y with caret equals 0.934 x plus 30.749 . Find the standard error of estimate se and interpret the result.
Money raised, x 457.8 650.5 736.6 799.4 797.2 1047.6 959.5 1217.1
Money spent, y 443.2 679.7 739.9 752.8 746.1 1003.3 930.6 1174.7
Find the standard error of estimate se and interpret the result. se= _____ (Round to three decimal places as needed.)
How can the standard error of estimate be interpreted?
A. The standard error of estimate of the money spent for a specific amount of money raised is about se million dollars.
B. The standard error of estimate of the money raised for a specific amount of money spent is about se million dollars.
Explanation / Answer
x
y
457.8
443.2
650.5
679.7
736.6
739.9
799.4
752.8
797.2
746.1
1047.6
1003.3
959.5
930.6
1217.1
1174.7
In excel we can go to Data Analysis and there we can select Regression. There we select y and x values then we click ok and we get the regression output where we get the value of standard error of estimate in the obtained output.
Regression Statistics
Multiple R
0.994
R Square
0.989
Adjusted R Square
0.987
Standard Error
25.653
Observations
8
ANOVA
df
SS
MS
F
Significance F
Regression
1
344744.3621
344744.4
523.8471
0.0000
Residual
6
3948.606645
658.1011
Total
7
348692.9688
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Intercept
30.749
35.183
0.874
0.416
-55.340
116.839
X Variable 1
0.934
0.041
22.888
0.000
0.834
1.034
se = 25.653
A. The standard error of estimate of the money spent for a specific amount of money raised is about se million dollars.
Explanation: We know that the standard error of the estimate is a measure of the accuracy of predictions so it says about the independent variable money spend (y).
x
y
457.8
443.2
650.5
679.7
736.6
739.9
799.4
752.8
797.2
746.1
1047.6
1003.3
959.5
930.6
1217.1
1174.7
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