A Simple Regression Model Developed for Ten Pairs of Data

question 26

Multiple Choice

A simple regression model developed for ten pairs of data resulted in a sum of squares of error, SSE = 125.The standard error of the estimate is _______.

• A)12.5
• B)3.5
• C)15.6
• D)3.95
• E)25

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Definitions:

Marginal Product

The additional output resulting from using one more unit of a particular input, holding all other inputs constant.

Unit of Labor

A measure of labor input, often referred to as one hour of work by an employee or worker.

Marginal Product

The additional output resulting from the use of one more unit of a production input.

Total Product

The total output of goods or services produced by a firm over a given period of time.