Researchers have collected data on the hours of television watched in a day and the age of a person.You are given the data below.
a.Determine which variable is the dependent variable.
b.Compute the least squares estimated line.
c.Is there a significant relationship between the two variables? Use a .05 level of significance.Be sure to state the null and alternative hypotheses.
d.Compute the coefficient of determination.How would you interpret this value?
Definitions:
Marginal Utility
The additional satisfaction or utility received by consuming one more unit of a good or service.
Total Utility
The total satisfaction received from consuming a given total quantity of a good or service.
Marginal Utility
The additional satisfaction or benefit received by consuming one more unit of a good or service.
Consumer Demand Curve
illustrates the relationship between the price of a good or service and the quantity demanded by consumers over a period, typically showing an inverse relationship.
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