Question: We have a dataset including the values for two variables Y and X. Use the dataset to answer the following questions: Y 6 4

We have a dataset including the values for two variables Y and X. Use the dataset to answer the following questions: Y 6 4 9 -3 -5 -4 -8 -5 8 8 68 a) Find the mean, the median and the mode of Y and X. b) Calculate the variance, standard deviation and the coefficient of variation of the variables. Which variable seems to fluctuate more around its mean? What are the benefits of standard deviations as a measurement of variation compared to variance? c) Find the covariance and the coefficient of correlation. Interpret the results. Which of the two methods is more useful? d) We want to estimate the following simple linear regression model Y = Bo + B + . Estimate and interpret b0 and b1. What is the meaning of the error term ? e) Find the predicted values Y. Estimate SST, SSR and SSE. f) Calculate R2 and interpret the results.

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