Repair cost stats
Hello, we are give na table of data and I want to caculate the standard error:
How do you do that?
Here is the data:
Age of a car| repair cost in 1000's of $
X | Y
4 | 1
6 | 2
7 | 5
8 | 4
9 | 4
10 | 5
I have comouted the coree coeff, and have an equation for that. Just need to know how do I obtain the standard error from my table - what is the formula?
Yes, but isn't the standard error we are after the standard error of b in our equation?
I computed a linear regression equation with a b = .69
So, the STD error of b a.k.a s.e.b is....?
That is what I am trying to find.
Never mind (and thanks for help); I found an article that details how to perform this type of calculation - it's a mutli step process. I am running through a final check that now and will post my answer.