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August 5, 2015

Homework Help: Statistics

Posted by Jak on Monday, April 22, 2013 at 2:29am.

An insurance company wishes to examine the relationship between income (in $,000) and the amount of life insurance (in $,000) held by families. The company drew a simple random sample of families and obtained the following results:
(Family) (Income) (Amount of life insurance)
A, 80, 120
B, 100, 200
C, 110, 220
D, 90, 160
E, 80, 180
F, 140, 270
G, 110, 150
H, 100, 240
I, 80, 160
J, 100, 210

QUESTION a
What is the least squares estimate of the slope?
Answer should be to four decimal places e.g. 1.2345.
QUESTION b
What is the least squares estimate of the Y intercept?
Answer should be to four decimal places e.g. 1.2345.
QUESTION c
What is the prediction for the amount of life insurance for a family whose income is $85,000?
QUESTION d
What would be the residual (error) term for a family income of $90,000?

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