The coefficient of determination for the data collected on monthly income and monthly spending on restaurant meals in Vancouver is 0.18.What does this mean?
Answer to relevant QuestionsThe R2 for the data on sales and promotional spending for Smith and Klein Manufacturing is 0.83, which is a relatively high value. Does this mean that the least squares regression line is a good model in this case? If appropriate, create a 99% prediction interval for the total revenue of a global research company with 10,000 employees. Check that the requirements for the theoretical model are met for the data on semester average marks and hours spent working. When the professor checked the data, she noticed that there were two unusually low marks: a 22 and ...If appropriate, test for evidence of a linear relationship between the actual and recorded inventory values for Aries Car Parts (using the amended data set from Exercise 16). Use α = 0.05. Why is it not recommended to make predictions outside the range of the sample data on which the regression relationship is based?
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