In: Statistics and Probability
a life insurance purchased depend on the income of a sample of six peiple was collected. The following represents the annual income( in thousands of dirhams) and value (in thousands of dollars) of life insurance policies for these people. | ||||||||||||||||||||
income | 90 | 110 | 60 | 70 | 120 | 50 | ||||||||||||||
insurnace | 380 | 450 | 150 | 250 | 750 | 110 | ||||||||||||||
a) apply the regression line method to find the regression line, considreing the annual income as the independent variable | ||||||||||||||||||||
b) Test the significance of the slope of the regression model at α=0.5 | ||||||||||||||||||||
c)Use the determination coefficient to determine the proprtion of the varation in the Y variable that is explained by its linear realationship to the x variable. | ||||||||||||||||||||
d) Evaluate whether the correlation coefficent is significant at α=0.5 | ||||||||||||||||||||
e) provide an estimate of y when x=0. what is the name associated with this value of Y? | ||||||||||||||||||||
f)Predict the amount of life insurance for a person with an annual income of $77,000 | ||||||||||||||||||||
one of the people in the sample has an annual income of $110.000 and $452,000 of life insurance. What is the predicted value of life insurance for this person? What is the error for this observation? |