Use the Given Information to Find the Coefficient of Determination

question 9

Multiple Choice

Use the given information to find the coefficient of determination. A regression equation is obtained for a collection of paired data. It is found that the total variation is 20.711, the explained variation is 18.592, and the unexplained variation is 2.119.

• A) 1.114
• B) 0.102
• C) 0.898
• D) 0.114

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Definitions:

Profits

The financial gain realized when the revenue from selling goods or services exceeds the costs of production.

Monopolized

Refers to a market structure where a single firm or entity controls a significant portion of the market share, reducing competition.

Consumer Surplus

Consumer Surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.

Net Social Gain

The overall benefit to society, calculated by subtracting total social costs from total social benefits.