Posted by hani on Monday, May 25, 2009 at 1:17pm.
Hi all i have this assignment,please help me :D
1.The following table presents the monthly consumption (C) and income (I) of 5 families, in Jordanian Dinars:
A) Plot the data;
B) Write the estimated simple regression model;
C) What is the estimated consumption when the income is 500?
- statistics - drwls, Monday, May 25, 2009 at 2:19pm
The plotting and regression-fitting tool at this site should help you:
Using this site and entering the C and I values in a table provided, I get the best linear fit to be
C = 0.368 I + 131.524
For I = 500, this results in C = 315.5
- statistics (correction) - drwls, Monday, May 25, 2009 at 2:26pm
I made a mistake reading the results of that Java applet that was referenced.
The constant value in that regression fit should be
b = 109.59107,
which makes the best fit
C = 0.368 I + 109.59
Fot I = 500, C = 293.6
- statistics - hani, Monday, May 25, 2009 at 5:11pm
thank you so much,but i need the solution i know its can be done on that site but the teacher wants to see the solution in details !
- statistics - drwls, Monday, May 25, 2009 at 9:50pm
You will find the formulas at
The plotting of the graph is also something you will have to do yourself.
Answer This Question
More Related Questions
- statistics 2 - A Keynesian Consumption Function: In his famous 1936 book, A ...
- Economics - 14. The life-cycle hypothesis and Permanent Income Hypothesis ...
- statistics - 6. According to the records of Enersource, an electric company ...
- math - Economicsts frequenly use linear models as approximations fpr more ...
- MCC - 3. (Consumption and Saving) Supposed that consumption equals $500 billion ...
- Econ T/F - If a consumer is in equilibrium and all prices and her income ...
- macroeconomics - Assignment questions: When the government reduces its budget ...
- Math - Suppose C(x) measures an economy's personal consumption expenditure and ...
- math - Suppose C(x) measures an economy's personal consumption expenditure and x...
- Algebra - A salespersons monthly income depends on the amount of her sales. Her ...