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Regression analysis using GNP case

Examine relationship between GNP per capita and the percentage of respondents willing to pay more taxes.
a. Create a table using the data below for the GNP per capita and the percentage willing to pay higher taxes.
b. From the table that you created in (a), calculate a and b and write out the regression equation (i.e., prediction equation.
c. Calculate and interpret error type, E 2. ( ATTN:,not sure how to write E and small number 2)
d. Using your answer from c, calculate the PRE measure, r2. Interpret.
e. About what percentage of citizens are willing to pay higher taxes for a country with GNP per capita of 3.0 (i.e., $3,000)? For a GNP per capita of 30.0 (i.e., $ 30,000?
Country GNP Per Capita Percentage to Pay Higher Taxes
Canada 9.71 24.0
Chile 4.99 29.1
Finland 24.28 12.0
Ireland 18..71 34.3
Japan 32.35 37.2
Latvia 2.42 17.3
Mexico 3.84 34.7
Netherlands 24.78 51.9
New Zealand 14.60 31.1
Norway 43.31 22.8
Portugal 10.67 17.1
Russia 2.66 29.9
Spain 14.10 22,2
Sweden 25.58 19.5
Switzerland 39.98 33.5
United States 29.24 31.6

Solution Summary

The solution gives detailed steps on performing a simple regression analysis including finding intercept, slope and pre-measure. All the formula and calculations are shown and explained.