Question

In: Statistics and Probability

We are interested in studying the linear relationship between someone's age and how much they spend...

We are interested in studying the linear relationship between someone's age and how much they spend on travel. The following data is provided: Amount Spent on Travel Age 850 39 997 43 993 50 649 59 1265 25 680 38 Find the standard error of b1, s-b1 (s sub b1). a. 2.88 b. 5.67 c. 8.29 d. 7.59

Solutions

Expert Solution

We use minitab to solve the problem using the following steps :

Stat, regression, regression, fit regression model.

X : independent variable = age.

Y : dependent variable = amount spent on travel.

Minitab output :

So the standard error of b1 is d. 7.59 as shown in the image above. (S.E coef of age)


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