Suppose we take a sample of seven households from a low- to…
Suppose we take a sample of seven households from a low- to moderate-income neighborhood and collect information on their incomes and food expenditures for the past month. The information obtained (in hundreds of dollars) is shown below (3 pts each). Income (X) Food Expenditure (Y) 35 9 49 15 21 7 39 11 15 5 28 8 25 9 a. Find the mean and standard deviation of X. b. Find the mean and standard deviation of Y. c. Calculate the correlation between income and food expenditure. d. Suppose you wish to predict food expenditure (Y) from income (X) using a best-fitting straight line. Find the intercept and slope of the regression line for these data and write the equation for the line represented by these coefficients. e. Interpret the slope and intercept of the regression line you found in part (d). f. Predict the expenditure, on average, if a household income is 39. g. Calculate the coefficient of determination.