An economist for the federal government is attempting to produce a better measure of poverty than...

An economist for the federal government is attempting to produce a better measure of poverty than is currently in use. To help acquire information, she recorded the annual household income (in $1,000s) and the amount of money spent on food during one week for a random sample of households.

Determine the regression line and interpret the coefficients.
Determine the coefficient of determination and describe what it tells you.
Conduct a test to determine whether there is evidence of a linear relationship between household income and food budget.
Predict the food budget of a family whose household income is $49,000. Use a 95% confidence level.
Estimate the average food budget of a family whose household income is $49,000. Use a 90% confidence level.

Income	Food
53	188.24
47	304.89
59	304.99
44	283.99
87	316.21
56	263.32
62	315.87
60	201.52
70	295.5
85	318.53
63	278.78
57	254.34
59	253.79
64	310.97
45	215.79
62	248.34
63	299.66
55	220.72
76	319.58
52	280.96
72	259.73
64	254.5
67	181.99
54	256.8
65	258.54
55	203.91
67	280.53
47	244.72
58	231.56
58	251.03
58	268.9
57	290.88
66	255.45
67	282.11
63	313.17
62	315.62
49	290.75
42	179.35
70	295.35
42	212.32
69	306.64
28	198.63
53	297.26
59	274.37
44	224.85
61	278.45
54	268.98
67	302.73
55	253.92
56	299.79
74	255.84
33	205.05
67	321.05
55	261.07
50	209.31
52	259.45
47	209.45
48	205.54
59	323.6
60	278.02
50	238.45
46	219.23
70	339.11
56	214.62
53	242.81
72	274.19
70	290.19
35	290.62
58	297.82
71	258.05
53	262.68
77	305.65
68	301.15
61	286.05
77	372.7
58	359.45
57	279.15
63	224.78
52	292.83
58	253.61
64	278.5
55	230.16
62	209.75
41	237.57
45	201.13
55	202.3
58	255.45
70	225.63
41	285.83
81	328.84
52	286.69
56	212.78
76	324.03
65	272.59
67	272.98
67	281.9
45	212.01
82	322.49
65	262.41
49	292.43
75	352.52
49	286.22
59	279.15
63	292.5
59	298.82
58	303.49
69	279.99
62	225.89
76	257.84
55	219.79
58	230.49
64	250.28
42	251.44
60	309.87
61	226.83
70	180.32
55	301.32
38	192.63
60	337.91
78	312.57
59	360.24
64	223.94
59	269.02
53	303.28
53	254.32
55	276.84
53	204.96
49	265.98
58	254.62
63	309.24
46	262.44
74	324.89
60	306.96
70	327.97
41	218
48	249.08
59	289.11
53	294.35
60	290.44
44	287.45

Expert Solution

orchestra answered 2 years ago

What are the risk the federal government are attempting to regulate on Artificial Intelligence? How do...

What are the risk the federal government are attempting to regulate on Artificial Intelligence? How do these regulations address or mitigate the risks?

Has the evolving relationship between the federal government and the states changed for the better or...

Has the evolving relationship between the federal government and the states changed for the better or for the worse? Why?

Explain why, if you measure poverty according to the Supplemental Poverty Measure, the Earned Income Tax...

Explain why, if you measure poverty according to the Supplemental Poverty Measure, the Earned Income Tax Credit (EITC) reduces poverty the most of any program except for Social Security, but if you measure poverty according to the Poverty Gap, the EITC is less effective at reducing poverty. (15 points) In the paper “The EITC and the Extensive Margin: A Reappraisal,” Kleven says that the increases in the EITC in the mid-1990s did not increase the employment rates of mothers as...

How adequate is the "poverty line" in India as a measure of economic poverty and what...

How adequate is the "poverty line" in India as a measure of economic poverty and what conclusions can be drawn from it about India's progress in eradicating poverty? In this context, comparatively, evaluate targeting versus universalism with self-selection as a principle of effective social policy. Discuss the pros and cons of the conditional cash transfer and cash incentives system in this regard. ANSWER EACH PART IN DETAILS AND IN ABOUT 2000 WORDS.

The coefficient of variation is a better measure of stand-alone risk than standard deviation because it...

The coefficient of variation is a better measure of stand-alone risk than standard deviation because it is a standardized measure of risk per unit; it is calculated as the -Select-correlation coefficientrisk premiumstandard deviationCorrect 5 of Item 1 divided by the expected return. The coefficient of variation shows the risk per unit of return, so it provides a more meaningful risk measure when the expected returns on two alternatives are not -Select-identicaldifferentcorrelatedCorrect 6 of Item 1. The Sharpe ratio compares the...

What is a strength of mean? a)Presents outliers.b) Is a better measure than median. c)Gives an...

What is a strength of mean? a)Presents outliers.b) Is a better measure than median. c)Gives an overall picture about the data set.d) Shows concentration in a data set. e)Both b and c are correct.

“The New Zealand Government enjoys a better economic condition than the US in dealing with the...

“The New Zealand Government enjoys a better economic condition than the US in dealing with the recent COVID crisis, at least in the short run. Therefore, expansionary fiscal and monetary policies would likely to have an easier time lifting the New Zealand economy out of the recession than the US.” Provide reasons in words to support or to oppose the above opinion. State your assumptions behind those reasons clearly. Then substantiate your argument with those assumptions using the IS-LM-AD model.

Find an article describing poverty, poverty rates or the government programs available falling under the poverty...

Find an article describing poverty, poverty rates or the government programs available falling under the poverty level. Use the article to fulfill the following instructions and questions: Copy and paste your article into your assignment. Summarize the passage in your article into one or two paragraphs. Describe possible government programs that are available for individuals falling under the poverty level. D. In your summary, also address your own opinions on your selected article and your opinion in support or...

The Official Poverty Measure (OPM) compares a measure of a family’s financial resources to a dollar...

The Official Poverty Measure (OPM) compares a measure of a family’s financial resources to a dollar amount representing the family’s needs. Families with resources less than needs are considered to be in poverty. The measure of needs is the cost of a thrifty food basket multiplied by 3. (1) What was the rationale for this calculation when it was originally created-- in other words, why was THE COST OF A THRIFTY FOOD BASKET multiplied by 3)? (2) Why might this...

"Is it better for a company to produce only one product? Or is it better for...

"Is it better for a company to produce only one product? Or is it better for a company to produce several products? Put differently, is diversification better than specialization, or is specialization better than diversification?"

Question