Suppose that the methods of this problem are used to forecast a value of Y for a combination of Xs very different from the X values in the data to which the model was fit. For example, calculate the...

Suppose that the methods of this problem are used to forecast a value of Y for a combination of Xs very different from the X values in the data to which the model was fit. For example, calculate the estimated variance of the forecast error for an occupation with an average income of $50,000, an average education of 0 years, and 100% women. Is the estimated variance of the forecast error large or small? Does the variance of the forecast error adequately capture the uncertainty in using the regression equation to predict Y in this circumstance?