The Statistical Model for Simple Linear Regression Is Written as

question 49

Multiple Choice

The statistical model for simple linear regression is written as ,where represents the mean of a Normally distributed response variable and x represents the explanatory variable.The parameters and are estimated,giving the linear regression model defined by ,with standard deviation  = 5. The explanatory variable x is ________.

• A)quantitative
• B)qualitative
• C)categorical
• D)None of the above

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Definitions:

Tax Burden

The total amount of taxes that individuals, businesses, or other entities are obligated to pay, often expressed as a percentage of income or GDP.

Consumers

Individuals or organizations that use economic goods and services.

Keynes-Hayek

Refers to the economic theories and public debate between John Maynard Keynes and Friedrich Hayek, two prominent economists with differing views on government intervention in the economy.

Government Intervention

The act by which a government takes actions to affect or influence the economy, markets, or individual activities, often to correct market failures or achieve a more equitable distribution of resources.