Curry Rubber manufactures rubber bands for retail companies. The accounting manager has performed a regression analysis of past data. You notice that the formula has an R-squared of .6, at-value of 2.3, and a standard error of the estimate of $200,000. The estimate for next quarter costsis $2,584,072. What do these statistics tell you about the reliability and precision of his regressionanalysis?
Curry Rubber manufactures rubber bands for retail companies. The accounting manager has performed a regression analysis of past data. You notice that the formula has an R-squared of .6, at-value of 2.3, and a standard error of the estimate of $200,000. The estimate for next quarter costsis $2,584,072. What do these statistics tell you about the reliability and precision of his regressionanalysis?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.4: Multiple Regression Models
Problem 14P: An antique collector believes that the price received for a particular item increases with its age...
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Curry Rubber manufactures rubber bands for retail companies. The accounting manager has performed a regression analysis of past data. You notice that the formula has an R-squared of .6, a
t-value of 2.3, and a standard error of the estimate of $200,000. The estimate for next quarter costs
is $2,584,072. What do these statistics tell you about the reliability and precision of his regression
analysis?
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