Exhibit 13-8
the Following Estimated Regression Model Was Developed Relating $\hat { Y }$

question 72

Multiple Choice

Exhibit 13-8
The following estimated regression model was developed relating yearly income Y in $1,000s) of 30 individuals with their age X1) and their gender X2) 0 if male and 1 if female) .
$\hat { Y }$ =30+0.7X1+3X2
Also provided are SST = 1,200 and SSE = 384.
-Refer to Exhibit 13-8. The multiple coefficient of determination is

• A) 0.32
• B) 0.42
• C) 0.68
• D) 0.50

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Definitions:

Utility Function

A utility function represents the preferences of a consumer over a set of goods or services by assigning values to each possible bundle, reflecting the satisfaction gained.

Berries

Small, juicy fruits with seeds enclosed within the flesh, often consumed raw or used in various culinary dishes.

Nuts

Edible seeds encased in hard shells, often consumed as snacks or used as ingredients in cooking.

Utility Function

An equation that describes a consumer's preference for a set of goods and services, relating each bundle of goods to a level of utility.