Question: The following data will be used to predict the GDP, based on Education Spending and Employee Compensation. Using multiple regression: ( Please do it in

The following data will be used to predict the GDP, based on Education Spending and

Employee Compensation. Using multiple regression:

( Please do it in Excel and show the steps)

Year

GP(1000)

Education Spending (1,000)

Employee

Compensation

2000

256,376

14,185

128,564

2001

264,335

15,004

135,710

2002

273,256

15,821

141,985

2003

281,200

16,566

144,669

2004

296,820

16,709

148,851

2005

310,038

17,646

153,985

2006

325,152

18,295

161,393

2007

343,619

18,962

170,106

2008

351,743

20,133

179,628

2009

346,473

21,071

180,906

2010

363,140

21,936

184,711

2011

375,968

23,356

193,171

a. What is the predictive equation?

b. Based on the information given, is this a strong model? What do you base your answer on?

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