Question
Consider the following table containing unemployment rates for a 10-year period. Unemployment Rates Year Unemployment Rate...
Consider the following table containing unemployment rates for a 10-year period.
| Year | Unemployment Rate (%) |
|---|---|
| 1 | 4.1 |
| 2 | 5.8 |
| 3 | 8.2 |
| 4 | 5.6 |
| 5 | 11.2 |
| 6 | 5.6 |
| 7 | 8.4 |
| 8 | 12.1 |
| 9 | 9.2 |
| 10 | 8.1 |
Given the model
Estimated Unemployment Rate=β0+β1(Year)+εi,Estimated Unemployment Rate=β0+β1(Year)+εi,
write the estimated regression equation using the least squares
estimates for β0β0 and β1β1. Round your answers to two decimal
places.
Homework Answers
Answer #1
Ans:
| Year | Unemployment Rate (%) | ||||
| 1 | 4.1 | 4.1 | 1 | 16.81 | |
| 2 | 5.8 | 11.6 | 4 | 33.64 | |
| 3 | 8.2 | 24.6 | 9 | 67.24 | |
| 4 | 5.6 | 22.4 | 16 | 31.36 | |
| 5 | 11.2 | 56 | 25 | 125.44 | |
| 6 | 5.6 | 33.6 | 36 | 31.36 | |
| 7 | 8.4 | 58.8 | 49 | 70.56 | |
| 8 | 12.1 | 96.8 | 64 | 146.41 | |
| 9 | 9.2 | 82.8 | 81 | 84.64 | |
| 10 | 8.1 | 81 | 100 | 65.61 | |
| Total | 55 | 78.3 | 471.7 | 385 | 673.07 |
slope,B1=(10*471.7-55*78.3)/(10*385-55^2)=0.4976
intercept,B0=(78.3-0.4976*55)/10=5.093
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