1. What would be your research question for the regression model? Write down all the necessary null-hypotheses used in the regression model and evaluate them along with the relevant test statistics

bi . reg Charges Age Source 55 df MS Number of abs = 1.338 Ftl, 1335) = 131.17 Model 1.7536e+16 1 1.7536e+16 Prob : F = 6.6666 Residual 1.7854e+11 1.336 133646746 Rsquared = 6.6894 Adj Rsquared = 6.6887 Total 1.9667e+11 1.337 146652372 Root MSE = 11566 Charges Coef. Std. Err. t P>|t| [95% Conf. Interval] Age 257.7226 22.56239 11.45 6.666 213.5788 361.8665 _cons 3165.835 937.1495 3.38 6.661 1327.44 5664.33 257.7226 is the coefcient of Age, 3165.885 is the constant term. Y=_3.15.5_.38. + 257.72): Charges: 257.72 * Age 257.72 * age If we want to calculate the predicted insurance cost of a person with an age of 30 years: 257.72 * 30 = 7731.6 and of a person with an age of 60 years 257.72 * 60 = 15463.2