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Answer to Question #52694 in Other Economics for candy

Question #52694
can you give me the example?

a) Know the relationship between b (regression coefficient), its standard deviation, and t-statistic. Using the equation, be able to calculate the unknown third component given values for the other two components.
b) Know the relationship between R2, ESS, RSS, and TSS. Using the equation, be able to calculate the value of the unknown component given values for the other components.

Expert's answer
t statistic is the coefficient divided by its standard error. The standard error is an estimate of the standard deviation of the coefficient, the amount it varies across cases. It can be thought of as a measure of the precision with which the regression coefficient is measured. If a coefficient is large compared to its standard error, then it is probably different from 0.
How large is large? Your regression software compares the t statistic on your variable with values in theStudent's t distribution to determine the P value, which is the number that you really need to be looking at. The Student's t distribution describes how the mean of a sample with a certain number of observations (your n) is expected to behave.

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