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Economic Forecasting


Find the Y-intercept and slopes for the two independent variables and interpret them. Predict the per capita income when the percentage of the labor force in Agriculture is only 4,  average years of schooling is 15. And Health Index is 100. Find the overall explanatory power (Coefficient of Determination) of the model and interpret it. Also, find the adjusted coefficient of Determination and interpret it. Find the standard error of the estimate. From the ANOVA table find SSR, SSE, and SST and the F-value. Perform the F-test and comment on the overall usefulness of the model. What are the degrees of freedom for Regression, Error, and Total? Perform t-test for the statistical significance of individual coefficients. Plot the errors or residuals by countries and comment on the visible pattern. Plot the errors separately by each explanatory variable and comment on the visible patterns with respect to heteroscedasticity.

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