The money raised and spent (both in millions of dollars) by all congressional ca

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 0.955 x plus 11.353 y=0.955x+11.353. Complete parts a and b. Money raised, x 472.4 472.4 650.1 650.1 740.3 740.3 787.7 787.7 788.7 788.7 1040.5 1040.5 955.2 955.2 1210.3 1210.3 Money spent, y 428.4 428.4 687.7 687.7 727.4 727.4 761.6 761.6 737.5 737.5 1012.9 1012.9 927.2 927.2 1154.9 1154.9 (a) Find the coefficient of determination and interpret the result. . 985 .985 (Round to three decimal places as needed.) How can the coefficient of determination be interpreted? A. The coefficient of determination is the fraction of the variation in money spent that can be explained by the variation in money raised. The remaining fraction of the variation is unexplained and is due to other factors or to sampling error. Your answer is correct. B. The coefficient of determination is the fraction of the variation in money spent that is unexplained and is due to other factors or sampling error. The remaining fraction of the variation is explained by the variation in money raised. (b) Find the standard error of estimate se and interpret the result. nothing (Round to three decimal places as needed.)

Explanation / Answer

Ans:

The coefficient of determination is the fraction of the variation in money spent(dependent variable) that can be explained by the variation in money raised(independent variable). The remaining fraction of the variation is unexplained and is due to other factors or to sampling error.(Option A is correct)

b)Standard error of estimate is measure of accuracy of perdictions.

Se=sqrt(3426.68/8)=20.696

x y xy x^2 y^2 1 472.4 428.4 202376.16 223161.76 183526.6 2 650.1 687.7 447073.77 422630.01 472931.3 3 740.3 727.4 538494.22 548044.09 529110.8 4 787.7 761.6 599912.32 620471.29 580034.6 5 788.7 737.5 581666.25 622047.69 543906.3 6 1040.5 1012.9 1053922.45 1082640.25 1025966 7 955.2 927.2 885661.44 912407.04 859699.8 8 1210.3 1154.9 1397775.47 1464826.09 1333794 Total 6645.2 6437.6 5706882.08 5896228.22 5528970 Sxy= 2875917.120 Sxx= 1735.264 Syy= 1670.049 r= 0.992 r2= 0.985

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