Bob White is conducting research on monthly expenses for medical care, including over-the-counter medicine. His dependent variable is monthly expenses for medical care while his independent variable is number of family members. Below is his Excel output. (a) What is the prediction equation?
(b) Based on his model, each additional family member increases the predicted costs by how much?
(c) Based on the significance F-test, is this model a good prediction equation?
(d) What percent of the variation in medical expenses is explained by the size of the family?
(e) Can the null hypothesis that the slope is zero be rejected? Why or why not?
(f) What is the value of the correlation coefficient?

Question

Bob White is conducting research on monthly expenses for medical care, including over-the-counter medicine. His dependent variable is monthly expenses for medical care while his independent variable is number of family members. Below is his Excel output.  (a) What is the prediction equation?
(b) Based on his model, each additional family member increases the predicted costs by how much?
(c) Based on the significance F-test, is this model a good prediction equation?
(d) What percent of the variation in medical expenses is explained by the size of the family?
(e) Can the null hypothesis that the slope is zero be rejected? Why or why not?
(f) What is the value of the correlation coefficient?

Quizplus · Accepted Answer

The Answer of Bob White is conducting research on monthly expenses for medical care, including over-the-counter medicine. His dependent variable is monthly expenses for medical care while his independent variable is number of family members. Below is his Excel output.  (a) What is the prediction equation?
(b) Based on his model, each additional family member increases the predicted costs by how much?
(c) Based on the significance F-test, is this model a good prediction equation?
(d) What percent of the variation in medical expenses is explained by the size of the family?
(e) Can the null hypothesis that the slope is zero be rejected? Why or why not?
(f) What is the value of the correlation coefficient?

Bob White Is Conducting Research on Monthly Expenses for Medical