A study was conducted into the relationship between the age in years of a person and...
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 | 646.58 |
| sample slope | 3.42 |
A particular observed value from the data is:
x = 41, y = 825.24
Calculate the residual of this observed value of the response variable. Give your answer to 2 decimal places.
residual = __________
Homework Answers
y = 646.58 + 3.42 * x
Predicted value = 646.58 + 3.42 * 41 = 786.8
Observed value = 825.24
Residual = observed value - predicted value = 825.24 - 786.8 = 38.44 (ans)
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