Calculate theYintercept (a) of the regression equation using the following information:
Mean number of years of schooling: 17
Mean monthly income: $2,750
Slope (b) of the regression equation: $650
Consider the following linear regression equation: Y = 12 + -1(X)
If X = 7, what is the predicted value of Y?
Consider the following linear regression prediction equation: Y = 12 + -1(X)
If the predicted value of Y for an observation is 5, calculate the residual for an observation where the observed value Y is equal to 9.