## Related questions with answers

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

$\hat{y}$=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 $s_e$ and interpret the result.

Solution

VerifiedStep 1

1 of 4Given:

$\hat{y}=0.943x+21.541$

$n=8$

Determine the predicted value for each $x_i$.

Determine the squared difference between the observed $y$-value and the average $y_a$-value.

Determine the squared difference between the predicted $y$-value and the average $y_a$-value.

Determine the squared difference between the observed $y$-value and the predicted $y$-value.

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