Using an interval, estimate the average income for customers that have credit balance of $4,000. Compute the 95% confidence interval for beta-1 (the population slope). Based on your findings in 1–5, what is your opinion about using creditbalance to predict income? Explain.ħ. Interpret your results, including the p-value.Ħ. Test the utility of this regression model (use a two tail test with α =.05). Determine the coefficient of determination. Determine the equation of the best fit line, which describes the relationship between income and creditbalance.Ĥ. Generate a scatterplot for income ($1,000) versuscreditbalance($), including the graph of the best fit line. Using MINITAB, perform the regression and correlation analysis for the data on income(Y), the dependent variable, and creditbalance (X), the independent variable, by answering the following.ġ.
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