Question: Please Help QUESTION 8 Sample data for the gross income for the last months was collected. Due to the non-linear nature of the gross income,
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QUESTION 8 Sample data for the gross income for the last months was collected. Due to the non-linear nature of the gross income, a log linear model was fitted: log (Gross Income) 2 log(0) + 109031) * time The following tables show the output obtained when fitting such model: DF Sum Square M ean Square F P Value Regression 1 0.045 0.045 2.812 0.102 Error 36 0.568 0.016 Total 37 0.613 Coefficients Standard Errors T Statistic P Value Intercept 1.543 0.042 37.142 0 Time 0.003 0.002 1.695 0.099 The observed value for the month 26 was 58.62 .What is the error in the prediction for this observation (difference between observed gross income and predicted gross income) ? :1
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