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Income (in 1960 dollars/person) for European countries and the percent of the labor force (in %) that works in agriculture in 1960 are in the table below ('OECD economic development,' 2013). X, percent of labor in agriculture (in %) Y, income (in 1960 dollars/person) 15 1242 56 324 20 977 42 290 11 1361 27 504 6 1005 79 177 23 681 11 810 18 1049 14 1644 20 1013 15 1035 25 839

Income (in 1960 dollars/person) for European countries and the percent of the labor force (in %) that works in agriculture in 1960 are in the table below ('OECD economic development,' 2013). X, percent of labor in agriculture (in %) Y, income (in 1960 dollars/person) 15 1242 56 324 20 977 42 290 11 1361 27 504 6 1005 79 177 23 681 11 810 18 1049 14 1644 20 1013 15 1035 25 839

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter4: Calculating The Derivative
Section4.CR: Chapter 4 Review
Problem 87CR
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Income (in 1960 dollars/person) for European countries and the percent of the labor force (in %) that works in agriculture in 1960 are in the table below ('OECD economic development,' 2013).

X, percent of labor in agriculture (in %) Y, income (in 1960 dollars/person)
15 1242
56 324
20 977
42 290
11 1361
27 504
6 1005
79 177
23 681
11 810
18 1049
14 1644
20 1013
15 1035
25 839
c) Find the equation of the best-fitting line (the least squares regression equation). Round values to 2 decimal places. Include the restricted domain. equation: ? = restricted domain: % <= x <= • Every time we increase Select an answer Select an answer by d) Interpret the slope from part c in the context of this problem. (Pay attention to the units) . When Select an answer Select an answer * X % we can expect Select an answer ✓is e) Interpret the Y-intercept from part c in the context of this problem. Include units. to be Does it make sense to interpret the Y-intercept on this problem? Why or why not? Select an answer by V on average. we expect f) Should you use the regression equation to predict the income of a randomly selected European country that has a percent of labor in agriculture of 7 %? Select an answer
Transcribed Image Text:c) Find the equation of the best-fitting line (the least squares regression equation). Round values to 2 decimal places. Include the restricted domain. equation: ? = restricted domain: % <= x <= • Every time we increase Select an answer Select an answer by d) Interpret the slope from part c in the context of this problem. (Pay attention to the units) . When Select an answer Select an answer * X % we can expect Select an answer ✓is e) Interpret the Y-intercept from part c in the context of this problem. Include units. to be Does it make sense to interpret the Y-intercept on this problem? Why or why not? Select an answer by V on average. we expect f) Should you use the regression equation to predict the income of a randomly selected European country that has a percent of labor in agriculture of 7 %? Select an answer
f) Should you use the regression equation to predict the income of a randomly selected European country that has a percent of labor in agriculture of 7 %? Select an answer Should you use the regression equation to predict the income of a randomly selected European country that has a percent of labor in agriculture of 137 %? Select an answer Looking at your answers above, predict the income for the one above that it made sense to do so. Make sure you use the stored equation and not the rounded equation from part c. Round final answer to 2 decimal places. • The predicted income for a randomly selected European country that has a percent of labor in agriculture of % is g) Compute the residual for the following ordered pair in the data: (23, 681). Make sure you use the stored equation and not the rounded equation from part c. Round final answer to 2 decimal places. The residual for the European country with a percent of labor in agriculture of 23 % is Interpret what this value means in the context of this problem. • The actual income of a randomly selected European country with a percent of labor in agriculture of 23 % is Select an answer ✓ what was predicted.
Transcribed Image Text:f) Should you use the regression equation to predict the income of a randomly selected European country that has a percent of labor in agriculture of 7 %? Select an answer Should you use the regression equation to predict the income of a randomly selected European country that has a percent of labor in agriculture of 137 %? Select an answer Looking at your answers above, predict the income for the one above that it made sense to do so. Make sure you use the stored equation and not the rounded equation from part c. Round final answer to 2 decimal places. • The predicted income for a randomly selected European country that has a percent of labor in agriculture of % is g) Compute the residual for the following ordered pair in the data: (23, 681). Make sure you use the stored equation and not the rounded equation from part c. Round final answer to 2 decimal places. The residual for the European country with a percent of labor in agriculture of 23 % is Interpret what this value means in the context of this problem. • The actual income of a randomly selected European country with a percent of labor in agriculture of 23 % is Select an answer ✓ what was predicted.
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