Chapter 14 Problem 53 Pg. 659 Q 53. Many countries, especially those in Europe, have signicant gold holdings. But, many of these countries also have massive debts. The following data show the total value of gold holdings in billions of U.S. dollars and the debt as a percentage of the gross domestic product for nine countries MordPress and Trading Economics websites. February 24, 2012). China France Germany Indonesia Italyr Netherlands Russia Switzerland United States a. Develop a scatter diagram for the total value of a country's gold holdings (S billiions) as the independent variable. b. 'What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? Do there appear to be any outliers and for inuential observations? Explain. c. Using the entire data set, develop the estimated regression equation that can be used to predict the debt of a country given the total value its gold holdings. d. Use residual analysis to detertnine whether any outliers or inuential observations are present. e. Suppose that after looking at the scatter diagram in part [a] that you were able to visually identify what appears to be an inuential observation. Drop this observation from the data set and tit an estimated regression equation to the remaining data. Compare the estimated slope for new estimated regression equation to the estimated slope obtained in part (c). Does this approach confirm the conclusion you reached in part {d}? Explain