Use the Given Set of Points to
A) $\sum ( x - \bar { x } ) ^ { 2 }$

question 20

Short Answer

Use the given set of points to
a). Compute b₁.
b). Compute the residual standard deviation s_e.
c). Compute the sum of squares for x, $\sum ( x - \bar { x } ) ^ { 2 }$
d). Compute the standard error of b₁, s_b.
e). Find the critical value for a 95% confidence interval for $\beta_1$
f). Compute the margin of error for a 95% confidence interval for $\beta_1$
g). Construct a 95% confidence interval for $\beta _ { 1 }$
h). Test the null hypothesis $H _ { 0 } : \beta _ { 1 } = 0$ versus $H _ { 1 } : \beta _ { 1 } \neq 0$ Use the $a$ =0.05 level of significance.

$\begin{array} { c | c c c c c c c c } x & 8 & 11 & 15 & 13 & 6 & 8 & 12 & 13 \\\hline y & 23 & 27 & 37 & 33 & 17 & 20 & 29 & 36\end{array}$

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Definitions:

Closed Economy

An economy that does not interact with other economies in the world

Government Deficit

Occurs when a government spends more money than it receives in revenue over a specific period, leading to borrowing or currency issuance.

Closed Economy

An economic system that doesn't engage in international trade, relying solely on its own resources and internal market for growth and development.

National Saving

The total amount of savings generated within a country from both the private and public sectors.