Table 12.5.9 shows some of the results of a multiple regression analysis to explain money spent on home food-processing equipment (Y) based on income (X1), education (X2), and money spent on sporting equipment (X3). All money variables represent total dollars for the past year; education is in years. There are 20 cases.
a. How much would you expect a person to spend on food-processing equipment if he or she earns $25,000 per year, has 14 years of education, and spent $292 on sporting equipment last year?
b. How successful is the regression equation in explaining food-processing expenditures? In particular, which statistic in the results should you look at, and is it statistically significant?
c. To within approximately what accuracy (in dollars per year) can predictions of food-processing expenditures be made for the people in this study?
d. For each of the three X variables, state whether it has a significant effect on food-processing expenditures or not (after adjusting for the other X variables).

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