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(Solved) An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product ($ billions) and aggregate...


An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product ($ billions) and aggregate price (consumer price index). The Microsoft Excel output of this regression is partially reproduced below.


SUMMARY OUTPUT


 Regression Statistics

Multiple R 0.991

R Square 0.982

Adjusted R Square 0.976

Standard Error 0.299

Observations 10


ANOVA

              df       SS          MS        F          Signif F

Regression    2   33.4163        16.7082   186.325      0.0001

Residual      7    0.6277         0.0897

Total         9   34.0440


              Coeff         StdError          t Stat         p-value

Intercept     -0.0861       0.5674          -0.152       0.8837

GDP         0.7654        0.0574         13.340       0.0001

Price         -0.0006        0.0028         -0.219        0.8330


Referring to Scenario 14-3, when the economist used a simple linear regression model with consumption as the dependent variable and GDP as the independent variable, he obtained an r2 value of 0.971. What additional percentage of the total variation of consumption has been explained by including aggregate prices in the multiple regression?

 


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