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Calculate the residual for an observation

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Reference no: EM131050408

Calculate theYintercept (a) of the regression equation using the following information:

Mean number of years of schooling: 17
Mean monthly income: $2,750
Slope (b) of the regression equation: $650

Consider the following linear regression equation: Y = 12 + -1(X)

If X = 7, what is the predicted value of Y?

Consider the following linear regression prediction equation: Y = 12 + -1(X)

If the predicted value of Y for an observation is 5, calculate the residual for an observation where the observed value Y is equal to 9.

Reference no: EM131050408

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