The owner of a bakery wants to analyze the relationship between the expenditure of a customer and the customer's income.A sample of 5 customers is taken and the following information was obtained.
The least squares estimated line is 
= 4.348 + 0.0826 X.
a.Obtain a measure of how well the estimated regression line fits the data.
b.You want to test to see if there is a significant relationship between expenditure and income at the 5% level of significance.Be sure to state the null and alternative hypotheses.
c.Construct a 95% confidence interval estimate for the average expenditure for all customers with an income of $20,000.
d.Construct a 95% confidence interval estimate for the expenditure of one customer whose income is $20,000.
Definitions:
Job Satisfaction
A measure of how content an individual is with their job, encompassing aspects like work environment, duties, and compensation.
Early Behaviorists
Psychologists in the early 20th century who believed that psychological research should focus on measurable behaviors rather than internal processes.
Wilhelm Wundt
A German physiologist and psychologist, recognized as one of the founders of modern psychology, and known for establishing the first psychology laboratory.
Psychology Textbook
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