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The homeownership rate in the U.S. was $67.4 \%$ in 2009. In order to determine if homeownership is linked with income, 2009 state-level data on the homeownership rate (Ownership in %) and median household income (Income in $) were collected. A portion of the data is shown in the accompanying table.$

$\begin{array}{|l|c|c|} \hline \text { State } & \text { Ownership } & \text { Income } \\ \hline \text { Alabama } & 74.1 & 39980 \\ \hline \text { Alaska } & 66.8 & 61604 \\ \hline & \vdots & \vdots \\ \hline \text { Wyoming } & 73.8 & 52470 \\ \hline \end{array}$

$

What is the standard error of the estimate?

Solution

VerifiedIn part a. we estimated the simple linear regression model

$y=\beta_0+\beta_1x+\epsilon,$

where $y$ stands for homeownership rate and $x$ for median income.

In this task we have to compute the value of the standard error of the estimate and give $s_e$.

*What is the standard error of the estimate?*

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