The money raised and spent (both in millions of dollars) by all congressional ca
ID: 3294387 • 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 y = 0.969x + 2.444. Complete parts a and b (a) Find the coefficient of determination and interpret the result. (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. 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 s_ and interpret the result (Round to three decimal places as needed)Explanation / Answer
The output of regression analysis of the given data is given below.
Based on this output we will find the results.
(a) Find the coefficient of determination and interpret the result.
Solution :- Coefficient of the determination = 0.988
How can the coefficient of determination be interpreted.
A. The coeffcient of determination is the fraction of variation in the money spent that can be explained by the variation in money raised. The remaining fraction of the variation is unxeplained and is due to other factors or to sampling error.
(b) Find the standard error of the estimate se and interpret the result.
Solution :- Standard error : se = 26.702
How can the standard error of estimate be interpreted?
The standard error of estimate for money spent for a specific amount of money raised is about se million dollars.
SUMMARY OUTPUT Regression Statistics Multiple R 0.994 R Square 0.988 Adjusted R Square 0.986 Standard Error 26.702 Observations 8 ANOVA df SS MS F Significance F Regression 1 345816.36 345816.36 485.02 0.00 Residual 6 4277.94 712.99 Total 7 350094.30 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 2.4439 37.8323 0.0646 0.9506 -90.1283 95.0161 Money Raised, x 0.9692 0.0440 22.0232 0.0000 0.8616 1.0769Related Questions
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