Please Use The Accompanying Excel Data Set Or Accompanying Text File Data Set When Completing The Following Exercise An 1 (85.66 KiB) Viewed 12 times
Please use the accompanying Excel data set or accompanying Text file data set when completing the following exercise. An article in Technometrics by S. C. Narula and J. F. Wellington ("Prediction, Linear Regression, and a Minimum Sum of Relative Errors," Vol. 19, 1977) presents data on the selling price (y) and annual taxes (x) for 24 houses. The taxes include local, school and county taxes. The data are shown in the following table. Sale Price/1000 Taxes/1000 25.9 29.5 27.9 25.9 29.9 29.9 30.9 28.9 35.9 31.5 31.0 30.9 30.0 36.9 41.9 40.5 43.9 37.5 37.9 44.5 37.9 38.9 36.9 45.8 4.9176 5.0208 4.5429 4.5573 5.0597 3.8910 5.8980 5.6039 5.8282 5.3003 6.2712 5.9592 5.0500 8.2464 6.6969 7.7841 9.0384 5.9894 7.5422 8.7951 6.0831 8.3607 8.1400 9.1416
(a) B₁ = Calculate the least squares estimates of the slope and intercept. = Bo i (b) Find the mean selling price given that the taxes paid are x = 4.6. i = i y-y = (Round your answer to 3 decimal places.) i (Round your answer to 2 decimal places.) (c) Calculate the fitted value of y corresponding to x = 8.2464 (observation #14). Find the corresponding residual. ŷ (Round your answer to 2 decimal places.) (Round your answer to 2 decimal places.) i (Round your answer to 2 decimal places.)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!