A Student Used Multiple Regression Analysis to Study How Family

question 36

Essay

A student used multiple regression analysis to study how family spending Y) is influenced by income X1), family size X2), and additions to savings X3). The variables Y, X1, and X3 are measured in thousands of dollars. The following results were obtained.
ANOVA
DF SS
Regression 3 45.9634
Residual 11 2.6218 Total
$\begin{array}{lr}&\text { Coefilicient }&\text { Standard Error }\\\text { Intercept } & 0.0136 \\\mathrm{X}_{1} & 0.7992&0.074 \\\mathrm{X}_{2} & 0.2280&0.190 \\\mathrm{X}_{3} & -0.5796&0.920\end{array}$
a. Write out the estimated regression equation for the relationship between the variables.
b. Compute R². What can you say about the strength of this relationship?
c. Carry out a test of whether Y is significantly related to the independent variables. Use a .05 level of significance.
d. Carry out a test to see if X3 and Y are significantly related. Use a .05 level of significance.

Recognize the elements necessary for a binding contract, including bargained-for exchange and legal sufficiency.

Understand how promissory estoppel can create binding obligations in the absence of traditional consideration.

Explain the conditions under which modifications to contracts require additional consideration under common law versus the UCC.

Discuss specific transactions that are enforceable without consideration (e.g., promissory estoppel, moral obligations).

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Definitions:

Population Means

The average values derived from the entirety of a given population, representing a central tendency.

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly of the mean; it measures how precisely the mean of the sample estimates the population mean.

Point Estimate

A single value or statistic that serves as the best guess or most likely value for a population parameter based on sample data.

Population Means

The average or mean value of a particular characteristic of all individuals in a population.