Exhibit 16.6.Thirty employed single individuals were randomly selected to examine the relationship between their age (Age)and their credit card debt (Debt)expressed as a percentage of their annual income.Three polynomial models were applied and the following table summarizes Excel's regression results. Refer to Exhibit 16.6.What is the estimate of the variance of the random error ε provided by the regression equation with the best fit?

Question

Exhibit 16.6.Thirty employed single individuals were randomly selected to examine the relationship between their age (Age)and their credit card debt (Debt)expressed as a percentage of their annual income.Three polynomial models were applied and the following table summarizes Excel's regression results.

Refer to Exhibit 16.6.What is the estimate of the variance of the random error ε provided by the regression equation with the best fit?

Quizplus · Accepted Answer

The Answer of Exhibit 16.6.Thirty employed single individuals were randomly selected to examine the relationship between their age (Age)and their credit card debt (Debt)expressed as a percentage of their annual income.Three polynomial models were applied and the following table summarizes Excel's regression results.  Refer to Exhibit 16.6.What is the estimate of the variance of the random error ε provided by the regression equation with the best fit?