Why is it not recommended to make predictions outside the range of the sample data on which the regression relationship is based?
Answer to relevant QuestionsWhy should you think carefully about any obvious outlier in the sample data set for a regression relationship, rather than simply removing it? For the Salaries data set, create scatter diagrams showing the relationship between each possible explanatory variable and salaries. Are there any obvious problems? Are there some variables that seem particularly strong as ...Use Excel to create a 95% confidence interval of average Woodbon sales, when mortgage rates are 6%, housing starts are 3,500, and advertising expenditure is $3,500. Interpret the interval. Create 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. Create a multiple regression model for the Salaries data set that includes years of postsecondary education and age as explanatory variables. Interpret the model.
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