(Choose
1 answer)
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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
A $0.48billion
R Square
0.982
Adjusted R Square
0.976
Standard Error Observations
0.299
10
ANOVA
$2.52billion
df
SS
MS
F
C. - $2.52billion
Regression
2
33.4163 0.6277
16.7082
Signif
186.325
F
0.0001
Residual
7
0.0897
Total
9
34.0440
Intercept GDP
D $1.33billion
Price
Coeff
-0.0861
0.7654
-0.0006
StdError
1 Stat
0.5674
-0.152
0.0574 13.340
0.0028 -0.219
P-value
0.8837
0.0001
0.8330
One economy in the sample had an aggregate consumption level of $3 billion, a GDP of $3.5 billion, and an aggregate price level of 125.What is the residual for this data point?
