Use the data in the accompanying table. The data come from a study of ice cream consumption
Question:
a. Use a 0.05 significance level to test for a linear correlation between consumption and income.
b. Find the equation of the regression line that expresses consumption (y) in terms of income (x).
c. What is the best predicted consumption amount if the income is $562?
Transcribed Image Text:
Consumption 0.219 0.212 0.223 0.241 0.231 0.195 0.186 0.164 0.153 0.145 2.43 568 16 Price 2.38 2.48 2.36 2.34 2.45 2.45 2.46 2.39 2.31 562 17 Incone 540 548 554 527 540 548 527 548 Temperature 5 13 20 21 18 Based on data from Kadiyala, Econometrica, Vol. 38
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n 10 nxy xy 101075924 54621969 4562 x 5462 nx 2 x 2 102984954 5462 2 16096 ...View the full answer
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