A professor of economics wants to study the relationship between income y (in $1000s) and education x (in years). A random sample of eight individuals is taken and the results are shown below. $$\begin{array} { | l | c | c | c | c | c | c | c | c | }
\hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \
\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \
\hline
\end{array}$$ Determine the standard error of estimate, and describe what this statistic tells you about the regression line.

Question

A professor of economics wants to study the relationship between income y (in $1000s) and education x (in years). A random sample of eight individuals is taken and the results are shown below. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } 
\hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \
\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \
\hline
\end{array}$$ Determine the standard error of estimate, and describe what this statistic tells you about the regression line.

Quizplus · Accepted Answer

The Answer of A professor of economics wants to study the relationship between income y (in $1000s) and education x (in years). A random sample of eight individuals is taken and the results are shown below. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } 
\hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \
\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \
\hline
\end{array}$$ Determine the standard error of estimate, and describe what this statistic tells you about the regression line.

A Professor of Economics Wants to Study the Relationship Between