(Solved)An economist is interested to see how consumption for an
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 the tables, one economy in the sample had an aggregate consumption level of $4 billion, a GDP of $6 billion, and an aggregate price level of 200. What is the residual for this data point? a. $4.39 billion b. $0.39 billion c. -$0.39 billion d. -$1.33 billion
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