THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The model y = β₀ + β₁X₁ + β₂X₂ + ε was fitted to a sample of 25 families in order to explain household milk consumption: where y = Milk consumption,in quarts,per week,x₁ = Weekly income,in hundreds of dollars,and x₂= Family size.The least squares estimates of the regression parameters were b₀ = -0.03,b₁ = 0.05,and b₂ = 1.1,with coefficient standard errors
= 0.02;
= 0.38.The total sum of squares and the error sum of squares were found to be 165.8 and 66.32 respectively.
-Interpret the estimate b₁.

Question

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The model y = β₀ + β₁X₁ + β₂X₂ + ε was fitted to a sample of 25 families in order to explain household milk consumption: where y = Milk consumption,in quarts,per week,x₁ = Weekly income,in hundreds of dollars,and x₂= Family size.The least squares estimates of the regression parameters were b₀ = -0.03,b₁ = 0.05,and b₂ = 1.1,with coefficient standard errors

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The model y = β<sub>0</sub> + β<sub>1</sub>X<sub>1</sub> + β<sub>2</sub>X<sub>2</sub> + ε was fitted to a sample of 25 families in order to explain household milk consumption: where y = Milk consumption,in quarts,per week,x<sub>1</sub> = Weekly income,in hundreds of dollars,and x<sub>2</sub><sub> </sub>= Family size.The least squares estimates of the regression parameters were b<sub>0</sub> = -0.03,b<sub>1</sub> = 0.05,and b<sub>2</sub> = 1.1,with coefficient standard errors = 0.02; = 0.38.The total sum of squares and the error sum of squares were found to be 165.8 and 66.32 respectively. -Interpret the estimate b<sub>1</sub>.

= 0.02;

= 0.38.The total sum of squares and the error sum of squares were found to be 165.8 and 66.32 respectively.
-Interpret the estimate b₁.

Quizplus · Accepted Answer

The Answer of THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The model y = β 0 + β 1 X 1 + β 2 X 2 + ε was fitted to a sample of 25 families in order to explain household milk consumption: where y = Milk consumption,in quarts,per week,x 1 = Weekly income,in hundreds of dollars,and x 2 = Family size.The least squares estimates of the regression parameters were b 0 = -0.03,b 1 = 0.05,and b 2 = 1.1,with coefficient standard errors = 0.02; = 0.38.The total sum of squares and the error sum of squares were found to be 165.8 and 66.32 respectively. -Interpret the estimate b₁.