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
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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?
Consumption 0.219 0.212 0.223 0.2 0.231 0.195 0.186 0.164 0.153 0.145 Price Income Temperature S 2.38 2.48 2.45 2.46 2.39 2.31 2.43 2.36 2.34 2.45 540 548 562 554 527 540 568 548 527 548 -4 13 17 20 21 18 16
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