An Economist Examines the Relationship Between the Number of Patent

question 5

Essay

An economist examines the relationship between the number of patent applications filed and expenditures in research and development (R&D)for the 50 states and the District of Columbia.She believes that if a state spends more on research and development,then more patents will be filed.She estimates the following model: ,
where Patents is the number of patent applications filed and R&D is the state's expenditures on research and development (in $1,000,000s).Data was obtained from the 2012 Statistical Abstract of the United States for the year 2007.The regression results are shown in the accompanying table. a.Predict the number of patents filed for a state that spends $5,000,000 on R&D.
B)Interpret the coefficient attached to R&D.
C)Calculate the standard error of the estimate.
D)Interpret the coefficient of determination.

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Definitions:

Chloride Ions

Negatively charged ions (Cl-) that are an essential component of bodily fluids and play key roles in fluid balance and transmission of nerve impulses.

Osmosis

The spontaneous passage of water or other solvents through a semi-permeable membrane from a region of low solute concentration to one of higher concentration.

Metaphase

A stage of cell division where chromosomes are aligned at the cell's equator before being separated into daughter cells.

Phagocytosis

The process by which cells engulf and digest solid substances, such as pathogens or cellular debris.