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Write the regression equation. Discuss the statistical significance of the model using the appropriate regression statistic at...

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Question

Statistics

  1. Write the regression equation.

  1. Discuss the statistical significance of the model using theappropriate regression statistic at a 95% level of confidence.
  2. Discuss the statistical significance of the coefficient for theindependent variable using the appropriate regression statistic ata 95% level of confidence.
  3. Interpret the coefficient for the independent variable.
  4. What percentage of the observed variation in income isexplained by the model?
  5. Predict the value of a person’s income with 3 children, usingthis regression model.

SUMMARY OUTPUT

Regression Statistics

Multiple R

0.039342

R Square

0.001548

Adjusted R Square

0.000672

Standard Error

1.554036

Observations

1142

ANOVA

df

SS

MS

F

Significance F

Regression

1

4.267905

4.267905

1.767229

0.183991

Residual

1140

2753.131

2.415027

Total

1141

2757.398

Coefficients

Standard Error

t Stat

P-value

Lower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept

1.621275

0.067736

23.93504

6.6E-103

1.488373

1.754177

1.488373

1.754177

X Variable 1

1.64E-06

1.23E-06

1.329372

0.183991

-7.8E-07

4.06E-06

-7.8E-07

4.06E-06

Answer & Explanation Solved by verified expert
4.4 Ratings (1002 Votes)
aThe sample regression equation toestimate the dependent variable income regressedon the independent variable children x1 1From the given summary outputSubstituting the parameter estimatesin equation 1 the regression equation is given as IbThe statistical significance of themodel is inferred from F statistic and the corresponding pvalueof the FstatisticWe test    See Answer
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