Adjust the total income data for Example 14.5B, and analyze the new regression model that includes both per capita income and population. Is the model significant? Are both explanatory variables significant? Continue your analysis of the data and decide on the best regression model for this data set.
Answer to relevant QuestionsCreate a correlation matrix for the variables in the Salaries data set. Discuss which explanatory variables should not be used simultaneously, and which look most promising to explain salaries. A sales manager is trying to build a sales forecasting model based on number of sales contacts and region. Is region a significant explanatory variable in this model? Examine the residual plots produced by Excel for the Salaries multiple regression model that you built for Develop Your Skills 14.2, Exercise 4, which included years of postsecondary education and age as explanatory ...A researcher has collected a random sample of data about Honda Accords for sale in Ontario. The data indicate year of the car, number of kilometres, and list price. Create and analyze all possible regression models for these ...Refer to the Excel output shown in Exhibit 14.32 above. Test the individual coefficients for significance. Use a 5% level of significance.
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