SOLUTION: An insurance company wishes to examine the relationship between income (in $,000) and the amount of life insurance (in $,000) held by families. The company drew a simple random sam
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-> SOLUTION: An insurance company wishes to examine the relationship between income (in $,000) and the amount of life insurance (in $,000) held by families. The company drew a simple random sam
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Question 740004: An insurance company wishes to examine the relationship between income (in $,000) and the amount of life insurance (in $,000) held by families. The company drew a simple random sample of families and obtained the following results:
Family Income Amount of life insurance
A 80 120
B 100 200
C 110 220
D 90 160
E 80 180
F 140 270
G 110 150
H 100 240
I 80 160
J 100 210
QUESTION 21
What is the least squares estimate of the slope?
Answer should be to four decimal places e.g. 1.2345.
QUESTION 22
What is the least squares estimate of the Y intercept?
Answer should be to four decimal places e.g. 1.2345.
QUESTION 23
What is the prediction for the amount of life insurance for a family whose income is $85,000?
Answer should be to four decimal places and be consistent with your original data set e.g. if your answer was $75,410.90 you would enter 75.4109 as your answer.
What would be the residual (error) term for a family income of $90,000?
Answer should be to four decimal places and be consistent with your original data set e.g. if your answer was $940.90 you would enter 0.9409, if your answer was $9,400.90 you would enter 9.4009 etc.
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