A Linear Regression Model Estimating the Relationship Between Expenditure on Imports

question 30

Essay

A linear regression model estimating the relationship between Expenditure on Imports and Annual household income has an r² value of 0.81.
Interpret r².

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Definitions:

Random Assignment

A method used in experiments to assign participants to different groups in a way that each participant has an equal chance of being in any group, thereby helping to reduce bias.

Extreme Cases

Situations or examples that are unusual or rare, often used to illustrate the outer limits of possible outcomes or behaviors.

Random Sampling Procedure

A method of selecting a sample from a population in which each member has an equal probability of being chosen.

Equal Chance

The concept that every participant or element in a given situation has the same probability of being selected or occurring.