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 | 5.7 |
| 2 | 3.7 |
| 3 | 7.3 |
| 4 | 10.1 |
| 5 | 11.9 |
| 6 | 3.3 |
| 7 | 8.9 |
| 8 | 10.3 |
| 9 | 8.9 |
| 10 | 9.7 |
Step 1 of 2 :
Given the model
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.
Step 2 of 2 : What is the coefficient of determination for the regression model? Round your answers to two decimal places.
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Year
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