Some data with explanatory variable number

Assignment Help Business Economics
Reference no: EM132201099

Suppose for a regression fit to some data with explanatory variable number of years of experience and response variable salary, R2 = 0.92. Which of the following is a correct interpretation of this value?

A) Our model will correctly predict salary 92% of the time.

B) 92% of the variation in the sample salary values can be attributed to the predictor Salary, the mean salary in the sample.

C) We are 92% confident that our model is useful for predicting salary from the given predictor variables.

D) 8% of the variation in the sample salary values has not been accounted for upon fitting the model.

E) There is an 8% chance that our explanatory variable is not valuable for predicting salary. 

Please explain your reasoning.

Reference no: EM132201099

Questions Cloud

A method that calculates the average low for the year : A method that calculates the Average low for the year. A method that calculates and returns the index of the Highest temperature of the year.
Estimate the true mean amount : A federal inspector visited an oil refinery for a routine inspection. He used a 99% confidence interval to estimate the true mean amount of sulfur contained
Compute the expected counts for color : (A) Compute the expected counts for each color. (B) What is the test? statistic? (C) What is the? P-value of the? test?
What are their letter grades using this system : If a class of 10 students take a quiz and half get a 90 and half get a 92, the mean is 91 and the standard deviation is 1.05. What are their letter grades using
Some data with explanatory variable number : Suppose for a regression fit to some data with explanatory variable number of years of experience and response variable salary, R2 = 0.92.
What raw scores would have z scores 2 and -2 : The data set {69, 72, 75, 78, 81} has the mean 75 and the standard deviation (SD) 4.74. What raw scores would have z scores 2 and -2?
In which city should the aglet factory locate : During times of high demand for aglets, the demand curve (MRP curve) foraglet makers is given by P = 8 - Q. During low demand, the MRP curve is given.
Write a java program that uses a two-dimensional array : Write a java program that uses a two-dimensional array to store the highest and lowest temperatures for each month of the year.
Read a sentence as input and converts each word : Write a java program in netbeans or eclipse that reads a sentence as input and converts each word to "Pig Latin".

Reviews

Write a Review

Business Economics Questions & Answers

  Unemployment rate and inflation rate

How will your policy recommendation impact interest rates, the unemployment rate, and the inflation rate?

  Determined to ascertain what investors expect the yield

Suppose that the current 1-year Treasury bond yield is .02 and the 2-year Treasury bond yield is .03. Use the expectations theory of how long-term interest rates are determined to ascertain what investors expect the yield to maturity to be for a 1-ye..

  Problem of maximizing the sum of household utilities

Consider three households (i = 1, 2, 3) each with preferences ui(xi , G) = xi × G where xi is the consumption level of private goods by household i and G is the level of public good. Private good costs 1 and public good costs 10. Individuals have inc..

  Qyouve been assigned a group paper with one other person

q.youve been assigned a group paper with one other person. the paper costs c to produce and a good grade is worth v to

  Estimate the true proportion of california registered voters

Estimate the true proportion of California registered voters who preferred the cigarette tax increase by constructing a 95% confidence interval.

  Assured of an increased income

Can dairy farmers be assured of an increased income? Explain your answer.

  Concepts of economies of scale and economies of scope

In economics, the concepts of economies of scale and economies of scope if often used in the context of production. How are these concepts similar and different? Please use your own examples to explain these concepts

  Write a program that prompts for a date

Write a program that prompts for a date (month, day, year) and reports the day of the week for that date. It might be helpful to know that January 1, 1601 was a Monday.

  Opportunity costs and the price of skirt into consideration

Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. Assume that Juanita takes opportunity costs and the pri..

  Discuss curriculum and teaching strategies

Discuss curriculum and teaching strategies that foster social and emotional adequacy in young children. Explain your rationale.

  Consider three investment alternatives-a perpetuity

Consider three investment alternatives: a perpetuity, an ordinary annuity, and an annuity due. All three have the same payment amount.

  Millions of other buyers and decisions

Thinking deeper about your answers; how do interest rates affect millions of other buyers and their decisions, then how that affects the whole economy? Explain.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd