Question: A consumer's spending is widely believed to be a function of their income. To estimate this relationship, a university professor randomly selected 19 of his

A consumer's spending is widely believed to be a function of their income. To estimate this relationship, a university professor randomly selected 19 of his students and collected information on their spending (Y, in dollars) and income (X, in dollars) patterns in week 6 of the semester. Assuming a linear relationship between Y and X, the professor used the least-squares method and found that the Y intercept = 20.90 and the slope = 0.66. Based on this information, the slope should be interpreted as: a. For each increase of $1 in a student's weekly income, his/her mean value of weekly spending is estimated to increase by $0.66 (or 66 cents). b. For each increase of $1 in a student's daily income, his/her mean value of daily spending is estimated to increase by 0.66 cents. c. For each increase of $1in a student's weekly spending, his/her mean value of weekly income is estimated to increase by $0.66 (or 66 cents). d. For each increase of $1in a student's weekly income, his/her mean value of weekly spending is estimated to increase by $20.90

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