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Suppose Y is household income and he is household expenditures on health care. Use the data from the regression output to answer the given question:
a. Use the regression results to write out the linear equation. Are the parameter estimates statistically significant? What does this imply? How would you interpret the parameter estimates? What does the coefficient of determination (R2) imply?b. Using the regression output and the appropriate data, forecast health care expenditures for households (id) 16, 17, and 18.c. Suppose our newly elected President determines that $5000 of annual household spending on health care is necessary to maintain the health of family members in the typical household. What is the income threshold at which it is expected that households would not be meeting this target?d. Given the actual data used in the regression analysis, and assuming there are 10 additional households earning $0 income, how much would a subsidy total in order for each family to reach the targeted amount?
id Y HE1 10000 46002 15000 56003 20000 72004 25000 67005 30000 77006 35000 66007 40000 69008 45000 79009 50000 880010 55000 910011 60000 940012 65000 1040013 70000 1000014 75000 1130015 80000 1200016 8500017 9000018 95000
Regression outputDependent variable HENumber of obs 15R-squared 0.9231
Independent variable Parameter estimate Std. Err. t-stat P>tY 0.09 0.007 12.49 0.0000Intercept 4204 361.840 11.62 0.0000
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