Use the standard error to construct an approximate prediction interval for Y. Based on the width of this prediction interval, would you say the predictions are good enough to have practical value?
Answer to relevant Questions(a) Generate a correlation matrix for your predictors. Round the results to three decimal places. (b) Based on the correlation matrix, is collinearity a problem? What rules of thumb (if any) are you using? If you did not already do so, request a plot of residuals versus the fitted Y. Is heteroscedasticity a concern? An expert witness in a case of alleged racial discrimination in a state university school of nursing introduced a regression of the determinants of Salary of each professor for each year during an 8-year period (n = 423) ...Observations are taken on net revenue from sales of a certain LCD TV at 50 retail outlets. The regression model was Y = net revenue (thousands of dollars), X1 = shipping cost (dollars per unit), X2 = expenditures on print ...(a) Choose one beverage category and plot the data. (b) Describe the trend (if any) and discuss possible causes. (c) Would a fitted trend be helpful? Explain. (d) Fit several trend models. Which is best, and why? If none ...
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