Consider the Following Pairs of Measurements $\begin{array}{|c|c|c|c|c|c|}\hline\text { x} & 5 & 8 & 3 & 4 & 9 \\\hline\text { y } & 6.2 & 3.4 & 7.5 & 8.1 & 3.2 \\\hline\end{array}$

question 69

Essay

Consider the following pairs of measurements:

$\begin{array}{|c|c|c|c|c|c|}\hline\text { x} & 5 & 8 & 3 & 4 & 9 \\\hline\text { y } & 6.2 & 3.4 & 7.5 & 8.1 & 3.2 \\\hline\end{array}$

a. Construct a scattergram for the data.
b. Use the method of least squares to model the relationship between x and y.
c. Calculate SSE, s², and s.
d. What percentage of the observed y-values fall within 2s of the values of $\hat{y}$ predicted by the least squares model?

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Definitions:

Products

Goods or services that are created through a process of production and can be offered in a market to satisfy a need or want.

Factor Inputs

The resources used in the production of goods and services, such as labor, land, and capital.

Long Run

A period in economics where all factors of production and costs are variable, allowing all inputs to be adjusted.

Short Run

A period in which at least one factor of production is fixed, limiting the ability of a business to expand its output.