Does money buy happiness? A survey was conducted of different countries, people

Question

Does money buy happiness? A survey was conducted of different countries, people in 2005. The scatterplot relationship between each country's annual Dollars, (x) and the percentage of people in that country capita income, US. who called themselves "happy" What is the coefficient of determination? _________ Calculate the correlation coefficient. ___________ what is the strength of the linear relationship between the two variables (circle one)? Strong Positive Moderate Positive Weak Positive No Linear Relation Strong Negative Moderate Negative Weak Negative Non-linear relation Interpret the coefficient of determination in the context of the situation. Consider the residual plot of these data. Explain why it appears that a linear relationship was NOT appropriate these data. if a linear relationship was and intercept of the not appropriate, what does this imply for the meaning of the slope linear regression equation shown the scatter diagram?

Explanation / Answer

Answers to the question in details with explanations:

a. COefficient of determination is .3018
b. COefficient of correlation is sqrt(.3018) = .549

c. This is a wek postive strength of linear relationship
d. It means that 30.18% of the variance in the model is being explained by the Happiness variables.
e. There is a trend in the residual plot, suggesting residual aren't randomly distributed. If residual was randomly distriuted then we would have gone ahead with the regression analysis
f. The slope is way off and the predicted values are biased. Same with the y intercept.

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