Stats Solutions

(See Steps) Use the data in the table, which shows the personal income and outlays (both in trillions of dollars) for Americans for 11 recent years. Personal

Question: Use the data in the table, which shows the personal income and outlays (both in trillions of dollars) for Americans for 11 recent years.

Personal Income, x Personal Outlays, y
5.6 4.6
5.8 4.9
6.2 5.2
6.5 5.5
6.9 5.8
7.4 6.1
7.8 6.5
8.4 7.0
8.7 7.3
8.9 7.7
9.2 8.0
  1. Construct a scatter plot for the data. Do the data appear to have a positive linear correlation, negative linear correlation or no linear correlation? Explain your reasoning.
  2. Calculate the correlation coefficient, r . What does the value of r tell you about this data set?

c. Find the equation of the regression line for the data.

d. Use the equation for the regression line to predict the personal outlay when the personal income is 5.3 trillion dollars.

e. Create a residual plot of this data set.

Price: $2.99
Solution: The downloadable solution consists of 4 pages
Deliverable: Word Document


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