?Bob White is conducting research on monthly expenses for medical care, including over-the-counter medicine. His dependent variable is monthly expenses for medical care while his independent variable is number of family members. Below is his Excel output.a) What is the prediction equation?b) Based on his model, each additional family member increases the predicted costs by how much?c) Based on the significance F-test, is this model a good prediction equation? d) Can the null hypothesis that the slope is zero be rejected? Why or why not? c) What is the value of the correlation coefficient?

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SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total Intercept X df 0.695 0.483 0.474 55.278 21 19 20 SS 99929.47 58057.48 157987 Coefficients Standard Error 35.53407 0.819024 110.47 16.83 MS 99929.47 3055.657 1 Stat 3.109087 5.718663 F 32.70311 P-Value 0.0057 0.00016 Significance F 0.00016 SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total Intercept X df 0.695 0.483 0.474 55.278 21 19 20 SS 99929.47 58057.48 157987 Coefficients Standard Error 35.53407 0.819024 110.47 16.83 MS 99929.47 3055.657 1 Stat 3.109087 5.718663 F 32.70311 P-Value 0.0057 0.00016 Significance F 0.00016

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The predicted equation is y 11047 1683 x b With an unit in... View the full answer