Stats Solutions

(See Solution) Interpret the following: Ŷ = â + βˆX; Ŷ = 3.5 + 0.7X, where Ŷ likelihood of buying a new car and X total family income. Ŷ = â + βˆX; Ŷ =

Question: Interpret the following:

  1. Ŷ = â + βˆX; Ŷ = 3.5 + 0.7X, where Ŷ likelihood of buying a new car and X total family income.
  2. Ŷ = â + βˆX; Ŷ = 3.5 - 0.4X, where Ŷ likelihood of buying tickets to a rock concert and X age.
  3. The ANOVA summary table below is the result of a regression of sales on year of sales. Is the relationship statistically significant at .05? Comment.

Source of Variation Sum of Squares d.f. Mean Square F-Value

Explained by regression
Unexplained by regression 		605,370,750
1,551,381,712 		1
8 		605,370,750 3.12
193,922,714
Total error 9

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