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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

y^\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 ses_e and interpret the result.

Solution

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Step 1
1 of 4

Given:

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

n=8n=8

Determine the predicted value for each xix_i.

Determine the squared difference between the observed yy-value and the average yay_a-value.

Determine the squared difference between the predicted yy-value and the average yay_a-value.

Determine the squared difference between the observed yy-value and the predicted yy-value.

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