An Analyst Examines the Effect That Various Variables Have on Crop

question 68

Essay

An analyst examines the effect that various variables have on crop yield. He estimates the following model: = b₀ + b₁x₁ + b₂x₂ + b₃x₃ + ε, where y is the average yield in bushels per acre, x₁ is the amount of summer rainfall, x₂ is the average daily use in machine hours of tractors on the farm, and x₃ is the amount of fertilizer used per acre. A portion of the regression results is shown in the accompanying table. a. Predict the crop yield per acre if x₁ is 5, x₂ is 4, and x₃ is the 0.5.
B) Calculate the standard deviation of the difference between the actual crop yield and the estimate of the crop yield.
C) How much of the variation in crop yield is unexplained by the model?

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Definitions:

Open Systems Model

A theory or model that views any system as being interconnected with its environment and influenced by external factors.

Transformation Process

A method by which inputs are converted into outputs in a business operation, altering the nature, form, or function of materials or information.

Feedback Loop

A process whereby a system's output is circulated back as input, modifying the system's behaviour or output.

Resource Inputs

The various resources (such as labor, capital, materials) required in the production process of goods or services.