A Professor of Economics Wants to Study the Relationship Between

question 2

Short Answer

A professor of economics wants to study the relationship between income y (in $1000s) and education x (in years). A random sample of eight individuals is taken and the results are shown below. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } \hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \\\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \\\hline\end{array}$$ Determine the standard error of estimate, and describe what this statistic tells you about the regression line.

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Definitions:

Pantokrator

Greek, “ruler of all.” Christ as ruler and judge.

Mildenhall Treasure

A collection of Roman silver tableware from the 4th century, discovered in Suffolk, England, and noted for its craftsmanship and historical significance.

England

A country that is part of the United Kingdom, known for its rich history, cultural contributions, and as the birthplace of the English language.

Egypt

A country in North Africa known for its ancient civilization and monumental architecture, including pyramids and the Great Sphinx.