THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 125

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The model y = β₀ + β₁X₁ + β₂X₂ + ε was fitted to a sample of 25 families in order to explain household milk consumption: where y = Milk consumption,in quarts,per week,x₁ = Weekly income,in hundreds of dollars,and x₂ = Family size.The least squares estimates of the regression parameters were b₀ = -0.03,b₁ = 0.05,and b₂ = 1.1,with coefficient standard errors
= 0.02;
= 0.38.The total sum of squares and the error sum of squares were found to be 165.8 and 66.32 respectively.
-Interpret the estimate b₂.

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Definitions:

\(( - 1 ) ^ { n + 4 }\)

An expression representing alternating positive and negative values for different integers n.

\(n + 1\)

Represents the next consecutive integer or element following 'n' in a sequence.

\(\frac { 20 } { n + 1 }\)

A mathematical fraction expressing the relation of the number 20 to one more than some number n.

\(- 4\)

A negative integer, four units less than zero.