Given a one independent variable linear equation that states cost in $K, and giv

Question

Given a one independent variable linear equation that states cost in $K, and given the following information, calculate the standard error and determine its meaning.

n =12, Summation of (Y– Yhat)2 = 11008, Ybar=314.375

Possible Answers:

   If we used this equation, we could typically expect to be off by ± 33.18%.    If we used this equation, we could typically expect to be off by ± 37.09%.    If we used this equation, we could typically expect to be off by ± $33.18K.    If we used this equation, we could typically expect to be off by ± $37.09K.

Explanation / Answer

Option 3. It i sobtained by dividing 11008 by 12 and then finding sqaure root of it.

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