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Question
The money raised and spent (both in millions of U.S. dollars) by all congressional campaigns for 8 recent 2 -year periods are shown in the table. The data can be modeled by the regression equation
=0.943 x+21.541.
Money raised, x | 471.7 | 659.3 | 740.5 | 790.5 | 781.3 | 1047.3 | 969.5 | 1206.1 |
---|---|---|---|---|---|---|---|---|
Money spent, y | 446.3 | 680.2 | 725.2 | 765.3 | 740.4 | 1005.6 | 936.3 | 1156.8 |
Use the data to find the
a) coefficient of determination and interpret the result,
b) standard error of estimate and interpret the result.
Solution
VerifiedStep 1
1 of 4Given:
Determine the predicted value for each .
Determine the squared difference between the observed -value and the average -value.
Determine the squared difference between the predicted -value and the average -value.
Determine the squared difference between the observed -value and the predicted -value.
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