Study the following Excel regression output for an analysis attempting to predict the number of union members in the United States by the size of the labor force for selected years over a 30-year period from data published by the U.S. Bureau of Labor Statistics. Analyze the computer output. Discuss the strength of the model in terms of proportion of variation accounted for, slope, and overall predictability. Using the equation of the regression line, attempt to predict the number of union members when the labor force is 110,000.The model was developed with data already recorded in 1,000 units. Use the data in the model asis.
Answer to relevant QuestionsCompute r2 for Problem 12.24 (Problem 12.6). Discuss the value of r2 obtained.Study the following Minitab residual diagnostic graphs. Comment on any possible violations of regressionassumptions.Study the Minitab output shown in Problem 13.8.Comment on the overall strength of the regression model in light of S, R2, and adjustedR2.Using the data in Problem 13.5, develop a multiple regression model to predict per capita personal consumption by the consumption of paper, fish, and gasoline. Discuss the output and pay particular attention to the F test ...Given here are the data for a dependent variable, y, and independent variables. Use these data to develop a regression model to predict y. Discuss theoutput.
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