Author Question: The owner of a bakery wants to analyze the relationship between the expenditure of a customer and ... (Read 51 times)

Maddie9229 · **on:** Mar 25, 2023

The owner of a bakery wants to analyze the relationship between the expenditure of a customer and the customer's income. A sample of 5 customers is taken and the following information was obtained.

Y	X
Expenditure	Income (In Thousands)
.45	20
10.75	19
5.40	22
7.80	25
5.60	14

The least squares estimated line is = 4.348 + 0.0826 X.

a.	Obtain a measure of how well the estimated regression line fits the data.
b.	You want to test to see if there is a significant relationship between expenditure and income at the 5% level of significance. Be sure to state the null and alternative hypotheses.
c.	Construct a 95% confidence interval estimate for the average expenditure for all customers with an income of $20,000.
d.	Construct a 95% confidence interval estimate for the expenditure of one customer whose income is $20,000.

KeriJennin · **Reply #1 on:** Mar 25, 2023

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