SCENARIO 18-5 You Worked as an Intern at We Always Win Car

question 284

Short Answer

SCENARIO 18-5
You worked as an intern at We Always Win Car Insurance Company last summer.You notice that individual car insurance premiums depend very much on the age of the individual,the number of traffic tickets received by the individual,and the population density of the city in which the individual lives.You performed a regression analysis in EXCEL and obtained the following information:

-Referring to Scenario 18-5,the standard error of the estimate is .

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Definitions:

Possible

That which can be done or achieved; within the limits of ability, capacity, or realization.

Standard Error

A measure of the dispersion or variation of sample means around the population mean.

Sample Correlation

A statistical measure that indicates the degree to which two variables change together, based on a sample of data, showing whether the relationship is positive, negative, or nonexistent.

Bootstrap

A statistical method involving resampling with replacement to estimate properties or accuracy of a model.