12 May Generate a scatter plot for CREDIT BALANCE vs. SIZE,
- Generate a scatter plot for CREDIT BALANCE vs. SIZE, including the graph of the “best fit” line. Interpret.
- Determine the equation of the “best fit” line, which describes the relationship between CREDIT BALANCE and SIZE.
- Determine the coefficient of correlation. Interpret.
- Determine the coefficient of determination. Interpret.
- Test the utility of this regression model (use a two tail test with α =.05). Interpret your results, including the p-value.
- Based on your findings in 1-5, what is your opinion about using SIZE to predict CREDIT BALANCE? Explain.
- Compute the 95% confidence interval for beta-1 (the population slope). Interpret this interval.
- Using an interval, estimate the average credit balance for customers that have household size of 5. Interpret this interval.
- Using an interval, predict the credit balance for a customer that has a household size of 5. Interpret this interval.
- What can we say about the credit balance for a customer that has a household size of 10? Explain your answer.
In an attempt to improve the model, we attempt to do a multiple regression model predicting CREDIT BALANCE based on INCOME, SIZE and YEARS.
- Run the multiple regression analysis using the variables INCOME, SIZE and YEARS to predict CREDIT BALANCE. State the equation for this multiple regression model.
- Perform the Global Test for Utility (F-Test). Explain your conclusion.
- Perform the t-test on each independent variable. Explain your conclusions and clearly state how you should proceed. In particular, which independent variables should we keep and which should be discarded.
- Is this multiple regression model better than the linear model that we generated in parts 1-10? Explain.
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