Find the Standard Error of Estimate, Se, for the Data $$\begin{array} { l | l | l | l | l | } \mathrm { x } & 1 & 2 & 3 & 4 \\\hline \mathrm { y } & 3 & 5 & 7 & 9\end{array}$$

question 31

Multiple Choice

Find the standard error of estimate, se, for the data below, given that y = 2x + 1. $$\begin{array} { l | l | l | l | l | } \mathrm { x } & 1 & 2 & 3 & 4 \\\hline \mathrm { y } & 3 & 5 & 7 & 9\end{array}$$

• A)0
• B)1
• C)2
• D)3

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Definitions:

Household Production

Economic activities and tasks performed within the home, such as cooking and cleaning, contributing to the family's welfare but not counted in formal GDP.

Sunk Cost

Expenses already paid that cannot be retrieved and should not affect upcoming business choices.

Specialized Resources

Resources that are particularly suited or adapted for specific tasks or industries, leading to efficiencies in production and increased economic output.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on.