A social economist studies the relationship between a happiness index Y, life ex

Question

A social economist studies the relationship between a happiness index Y, life expectancy X_1, and a freedom index X_2 for individual countries. She examines two different models, the first has one predictor (this problem) and the second has two predictors (later). Write the estimated SLR equation for Model 1. How many countries are in the sample? Interpret the estimated slope in the context of the problem. Compute and interpret the coefficient of determination Conduct a NATDRC model utility (t) test at a 0.05 level of significance. Use p-value 0.001. Compute the estimated residual standard error.

Explanation / Answer

(a) It is y = 0.98 + 0.08x1

(b) 1 + 24 + 1 = 26 countries

(c) The happiness index increases by 0.08 for every one more year of life expectancy

(d) r^2 = 27.091/(27.091 + 21.230) = 0.5606. This means the model explains about 56.06% of the variation in Y as due to variation in x1.

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