Is personal spending linearly related to orders for durable goods and personal income? A recent study reported the amount of personal spending (in trillions of dollars), amount spent on durable goods (in billions of dollars), and personal income (in trillions of dollars). A statistical package was used to fit a linear regression model, producing the output below. Write the model that was fit. Include the estimates of the parameters. = _______ + _______ + _______ Predict the level of personal spending when amount spent on durable goods is 130 and personal income is at 5.10.
______________
Use the computer output shown above to calculate 95% confidence intervals for the intercept and the partial regression coefficients.
What is the confidence interval for ?
CI = ______________ Enter (n1, n2)
What is the confidence interval for ?
CI = ______________ Enter (n1, n2)
What is the confidence interval for ?
CI = ______________ Enter (n1, n2)
Based on your confidence intervals, does the amount spent on durable goods have any predictive power beyond that provided by the other independent variables for determining personal spending?
______________
Based on your confidence intervals, does personal income have any predictive power beyond that provided by the other independent variables for determining personal spending?
______________
Use the computer output shown above to test the hypotheses: at the 5% significance level. What is your conclusion?
______________ the null hypothesis.
We conclude spending on durable goods ______________ predictive power over and above personal income to predict personal spending.
Use the computer output shown above to test the hypotheses at the 5% significance level. What is your conclusion?
Conclude:
______________ the null hypothesis.
Personal income ______________ predictive power beyond that provided by the other independent variable.

Question

Is personal spending linearly related to orders for durable goods and personal income? A recent study reported the amount of personal spending (in trillions of dollars), amount spent on durable goods (in billions of dollars), and personal income (in trillions of dollars). A statistical package was used to fit a linear regression model, producing the output below.  Write the model that was fit. Include the estimates of the parameters.  = _______ + _______  + _______  Predict the level of personal spending when amount spent on durable goods is 130 and personal income is at 5.10.
______________
Use the computer output shown above to calculate 95% confidence intervals for the intercept and the partial regression coefficients.
What is the confidence interval for  ?
CI = ______________ Enter (n1, n2)
What is the confidence interval for  ?
CI = ______________ Enter (n1, n2)
What is the confidence interval for  ?
CI = ______________ Enter (n1, n2)
Based on your confidence intervals, does the amount spent on durable goods have any predictive power beyond that provided by the other independent variables for determining personal spending?
______________
Based on your confidence intervals, does personal income have any predictive power beyond that provided by the other independent variables for determining personal spending?
______________
Use the computer output shown above to test the hypotheses:  at the 5% significance level. What is your conclusion?
______________ the null hypothesis.
We conclude spending on durable goods ______________ predictive power over and above personal income to predict personal spending.
Use the computer output shown above to test the hypotheses  at the 5% significance level. What is your conclusion?
Conclude:
______________ the null hypothesis.
Personal income ______________ predictive power beyond that provided by the other independent variable.

Quizplus · Accepted Answer

The Answer of Is personal spending linearly related to orders for durable goods and personal income? A recent study reported the amount of personal spending (in trillions of dollars), amount spent on durable goods (in billions of dollars), and personal income (in trillions of dollars). A statistical package was used to fit a linear regression model, producing the output below.  Write the model that was fit. Include the estimates of the parameters.  = _______ + _______  + _______  Predict the level of personal spending when amount spent on durable goods is 130 and personal income is at 5.10.
______________
Use the computer output shown above to calculate 95% confidence intervals for the intercept and the partial regression coefficients.
What is the confidence interval for  ?
CI = ______________ Enter (n1, n2)
What is the confidence interval for  ?
CI = ______________ Enter (n1, n2)
What is the confidence interval for  ?
CI = ______________ Enter (n1, n2)
Based on your confidence intervals, does the amount spent on durable goods have any predictive power beyond that provided by the other independent variables for determining personal spending?
______________
Based on your confidence intervals, does personal income have any predictive power beyond that provided by the other independent variables for determining personal spending?
______________
Use the computer output shown above to test the hypotheses:  at the 5% significance level. What is your conclusion?
______________ the null hypothesis.
We conclude spending on durable goods ______________ predictive power over and above personal income to predict personal spending.
Use the computer output shown above to test the hypotheses  at the 5% significance level. What is your conclusion?
Conclude:
______________ the null hypothesis.
Personal income ______________ predictive power beyond that provided by the other independent variable.

Is Personal Spending Linearly Related to Orders for Durable Goods