Use the data in the accompanying table. The data come from a study of ice cream consumption
Question:
Use the data in the accompanying table. The data come from a study of ice cream consumption that spanned the springs and summers of three years. The ice cream consumption is in liters per capita per week, price of the ice cream is in dollars, family income of consumers is in dollars per week, and temperature is in degrees Celsius.
Based on data from Kadiyala, Econometrica, Vol. 38.
a. Use a 0.05 significance level to test for a linear correlation between consumption and price.
b. Find the equation of the regression line that expresses consumption (y) in terms of price (x).
c. What is the best predicted consumption amount if the price is $2.43?
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n 10 nxy xy 10474102 24051969 05575 x 2405 nx 2 x 2 10578697 2405 2 2945 y 19...View the full answer
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