Does the given value suggest that this is a good model

Assignment Help Basic Statistics

Reference no: EM131401496

Better GDP model? Consider again the post-1950 trend in U.S. GDP we examined in given Exercise. Here are a regression and residual plot when we use the log of GDP in the model. Is this a better model for GDP? Explain.

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Exercise :
GDP. The scatterplot shows the gross domestic product (GDP) of the United States in billions of dollars plotted against years since 1950.

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a) Does the value 97.2% suggest that this is a good model? Explain.

b) Here's a scatterplot of the residuals. Now do you think this is a good model for these data? Explain?

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Reference no: EM131401496

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