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Author Question: The owner of a bakery wants to analyze the relationship between the expenditure of a customer and ... (Read 50 times)

Maddie9229

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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.

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by Maddie9229 on Mar 25, 2023

KeriJennin

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Reply #1 on: Mar 25, 2023
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Maddie9229

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Reply 2 on: Mar 25, 2023
Thanks for the timely response, appreciate it

phuda

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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