In: Statistics and Probability
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
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)