Question

Thirty employed single individuals were randomly selected to examine the relationship between their age (Age) and their credit card debt (Debt) expressed as a percentage of their annual income. Three polynomial models were applied and the following table summarizes Excel's regression results. Age2 refers to age square, and Age3 refers to age cube. Variable Linear Model Quadratic Model Cubic Model Intercept 13.7936 −36.7936 −31.9711 Age 0.1340 2.5197 2.1651 Age2 N/A −0.0245 −0.0167 Age3 N/A N/A −0.0001 R2 0.0824 0.8127 0.8136 According to the R-square, which model is the best fitted model? Select one: a. Linear model b. Quadratic model c. Cubic model d. Either linear or quadratic

Answer 1

Answer:

From the Given data,

- Value for Linear model = 0.0824 = 8.24%

- Value for Quadratic model = 0.8127 = 81.27%

- Value for Cubic model = 0.8136 = 81.36%

we can observe that among the three model , cubic model is having higher   - value .

As higher the - value , that much higher the fitted data of the model .

According to R-square , the model which is best fitted is Cubic Model

Option C is Correct  

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