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A regression analysis (involving 45 observations) relating a dependent variable (Y) and two independent variables resulted in the following information. The SSE for the above model is 49.
When two other independent variables were added to the model, the following information was provided. This latter model's SSE is 40.
At 95% confidence test to determine if the two added independent variables contribute significantly to the model.
Equilibrium
The state in a market where supply equals demand, leading to stable prices.
Immigration
The action of coming to live permanently in a foreign country. It can influence a country's economy, culture, and demographics.
Equilibrium Wage
The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market, resulting in no unemployment.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choice.
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