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The following table summarizes data between money spent on gambling and winnings for Robert.
Money Spent Money Won
x y
12 62
10 54
16 86
18 100
15 80
10 57
5 26
12 60
22 105
25 140
Develop a linear regression equation for these data and forecast how much money Robert will win if he spends $30.
First, describe in your own words (no direct quotes, please) what a dummy variable is and its purpose in regression analysis. Secondly, provide an example of where you might use a dummy variable from your own professional experience.
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Students are the University of New Harmony received 10, 000 course grades last semester. The table below breaks down these grades by which school of the university taught the course.
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