Question

In this section we introduced a descriptive measure of the utility of the regression equation for making predictions.

a. Identify the term and symbol for the descriptive measure.

b. Provide an interpretation.

Short answer

Part (a) Term is co-efficient of determination and symbol is $r^2$

Part (b) Can be interpreted as the percentage in the variability

Step-by-step solution

Step 1. Given inormation

We are doing descriptive measure for prediction.

Part (a) Step 1. Term and symbol

The coefficient of determination $r^2$is a descriptive measure of the utility of the regression equation for generating predictions.

Part (b) Step 1. interpretation

It is defined as the fraction of the variance in $y$ that is explained by the linear regression relationship between the variables $x\&y$.