The data shown below are the average personal income and personal consumption expenditures based on the survey conducted in the year 1995 to 2009 in U.S.
a. What is the 95 percent confidence interval for the regression parameter β1? Based on this interval, what conclusion can you make about the hypotheses that the regression parameter β1 is equal to zero?
d. What is the 95 percent confidence interval for the regression parameter β0? Based on this interval, what conclusion can you make about the hypotheses that the regression parameter β0 is equal to zero?
Definitions:
Frictionally Unemployed
Individuals who are temporarily out of work while transitioning from one job to another.
Skills
The abilities and expertise that individuals acquire through training or experience that enhance their capacity to perform tasks effectively.
Construction Workers
Skilled and unskilled workers involved in the physical construction of infrastructure, buildings, and other real estate projects.
Seasonal
Referring to fluctuations in economic or activity patterns during certain seasons of the year, often due to weather or cultural events.
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