A study was conducted into the relationship between the age in years of a person

Question

A study was conducted into the relationship between the age in years of a person and their average weekly after tax income.

You have been supplied with the following information regarding a regression model that had been developed as part of the study.

A particular observed value from the data is:

x = 39, y = 590.68

Calculate the residual of this observed value of the response variable. Give your answer to 2 decimal places.

residual =

Regression analysis sample intercept 507.70 sample slope 2.14

Explanation / Answer

A study was conducted into the relationship between the age in years of a person and their average weekly after tax income. You have been supplied with the following information regarding a regression model that had been developed as part of the study.

Regression analysis

sample intercept

507.70

sample slope

2.14

A particular observed value from the data is:

x = 39, y = 590.68

Calculate the residual of this observed value of the response variable. Give your answer to 2 decimal places.

regression line y = 507.70 + 2.14*x

when x=39,

y = 507.70 + 2.14*39   =   591.16

residual = observed

Regression analysis

sample intercept

507.70

sample slope

2.14

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