The following table shows the unemployment rate for people with various education levels in the United...

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The following table shows the unemployment rate for people withvarious education levels in the United States. Suppose we areinterested in predicting the unemployment rate based on theeducation level.
Years of Education
Unemployment rate
0
20.6
5
17.9
8
19.1
12
13.9
14
12.4
16
6.2
18
8.1
Give the equation of the regression line. (2pts)
Write a sentence interpreting the y-intercept. (2pts)
Write a sentence interpreting the slope. (2pts)

Predict the unemployment rate for the group of people who have10 years of education. (2pts)

Compute the residual for the group of people who have completed12 years of education. (2pts)

Compute the residual for the group of people who have completed5 years of education. (2pts)

Compute the residual for the group of people who have completed16 years of education. (2pts)

Answer & Explanation Solved by verified expert

4.4 Ratings (667 Votes)

Solution Here we have to predict the dependent variable unemployment by using the regression model which is given as below Regression Statistics Multiple R 0922392158 R Square 0850807293 Adjusted R Square 0820968751 Standard Error 2336724756 Observations 7 ANOVA df SS MS F Significance F Regression 1 1556928728 1556928728 2851370243 0003089716 Residual 5 2730141292 5460282584 Total 6 1829942857 Coefficients Standard Error t Stat Pvalue Lower 95 Upper 95 Intercept See Answer

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Years of Education	Unemployment rate
0	20.6
5	17.9
8	19.1
12	13.9
14	12.4
16	6.2
18	8.1