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Personal Debt According to the World Almanac and Book of Facts

question 126

Essay

Personal debt According to The World Almanac and Book of Facts 2004, the debt per capita
for the years 1990-2001 gives the following scatterplot: $Personal debt According to The World Almanac and Book of Facts 2004, the debt per capita for the years 1990-2001 gives the following scatterplot: Regression output gives the equation of the regression line as Debt = - 2,231,226 + 1128 ( Year ) with R ^ { 2 } = 98.8 \% . a. What is the response variable? b. What is the correlation coefficient r ? c. Explain in context what the slope of the line means. d. Explain in context what R ^ { 2 } = 98.8 \% means. e. You decide to take a look at a residuals plot before making any predictions. Based on the following residuals plot, does linear regression seem appropriate for these data? Explain.$
Regression output gives the equation of the regression line as
Debt $= - 2,231,226 + 1128 ($ Year $)$ with $R ^ { 2 } = 98.8 \%$ .
a. What is the response variable?
b. What is the correlation coefficient $r$ ?
c. Explain in context what the slope of the line means.
d. Explain in context what $R ^ { 2 } = 98.8 \%$ means.
e. You decide to take a look at a residuals plot before making any predictions. Based on the following residuals plot, does linear regression seem appropriate for these data?
Explain. $Personal debt According to The World Almanac and Book of Facts 2004, the debt per capita for the years 1990-2001 gives the following scatterplot: Regression output gives the equation of the regression line as Debt = - 2,231,226 + 1128 ( Year ) with R ^ { 2 } = 98.8 \% . a. What is the response variable? b. What is the correlation coefficient r ? c. Explain in context what the slope of the line means. d. Explain in context what R ^ { 2 } = 98.8 \% means. e. You decide to take a look at a residuals plot before making any predictions. Based on the following residuals plot, does linear regression seem appropriate for these data? Explain.$

Definitions:

Spark Plugs

An engine component that ignites the fuel-air mixture in the combustion chamber of gasoline engines.

Market Value

The current quoted price at which an asset or a company can be bought or sold in a marketplace.

Cost

The amount of money required to purchase, maintain, or produce something.

Average Cost

The average amount it costs to produce one unit of goods or services, calculated by dividing the total cost of production by the total number of units produced.