Assume youve collected information from customers at a

Question

Using the information that you developed in your responses to Question 9 (related to level of education and expenditures at a book store), predict the amount of expenditure for someone with 20 years of education.

Question 9

Assume you've collected information from customers at a local bookstore. More specifically, for 10 customers, you have the following information on their levels of education and expenditures on book purchases.

Mean of X = 13     Standard Deviation of X = 3.46

Mean of Y = 15.70  Standard Deviation of Y = 15.28

Note that the two variables, years of education (X) and dollar amount of expenditure (Y), have already been transformed into Z scores

a. Calculate and interpret r.

b. Calculate and interpret r².

c. Calculate a and b in the regression equation (Y' = a + b_X).

d. Calculate the standard error of the estimate.