4. Now you will estimate the slope and intercept. Fill in the table to start. Income (x;) Cons (y;) (X – x) (Vi – ỹ) (x; – x)(ợi – ỹ) (x; – x)² 9 7 1 1 1 1 11 7 3 1 3 9 5 2 -3 -4 12 9 8 7 1 2 2 -6 -4 24 36 8 12 5. Calculate the slope and interpret it. 6. Calculate the intercept. Does the intercept make sense economically? 7. If a person's income is $40,000, how much do you predict that they will spend on consumption?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 94E
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Please answer question 6 and 7, thank you!

4. Now you will estimate the slope and intercept. Fill in the table to start.
Income (x;) Cons (y;) (x; – x) (y; – ỹ) (x; – x)(y: - 7) (x; – x)²
9
7
1
1
1
11
7
1
3
9
2
-3
-4
12
9
8
7
1
2
2
-6
-4
24
36
9
8.
12
9
5. Calculate the slope and interpret it.
6. Calculate the intercept. Does the intercept make sense economically?
7. If a person's income is $40,000, how much do you predict that they will spend on
consumption?
8. The R-squared, or coefficient of determination, from this regression is 0.844. Interpret the
R-squared.
Transcribed Image Text:4. Now you will estimate the slope and intercept. Fill in the table to start. Income (x;) Cons (y;) (x; – x) (y; – ỹ) (x; – x)(y: - 7) (x; – x)² 9 7 1 1 1 11 7 1 3 9 2 -3 -4 12 9 8 7 1 2 2 -6 -4 24 36 9 8. 12 9 5. Calculate the slope and interpret it. 6. Calculate the intercept. Does the intercept make sense economically? 7. If a person's income is $40,000, how much do you predict that they will spend on consumption? 8. The R-squared, or coefficient of determination, from this regression is 0.844. Interpret the R-squared.
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