Concept explainers
Suppose you have developed a regression model to explain the relationship between y and x1, x2, and x3. The
Answer to Problem 12.134LM
Explanation of Solution
Given info: The independent variables in the study are
Justification:
When the values of the independent variables in the study are closer or equal to the values of sample means then the error of prediction would be small and if the values of the independent variables in the study are further to the values of sample means then the error of prediction would be large.
The independent variables are
Consider the values
Thus, The error of prediction would be small for predicting y using the least squares regression equation for the values
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Chapter 12 Solutions
Statistics for Business and Economics (13th Edition)
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