Reference no: EM132984982

A consumer's spending is widely believed to be a function of their income. To estimate this relationship, a university professor randomly selected 19 of his students and collected information on their spending (Y, in dollars) and income (X, in dollars) patterns in week 6 of the semester. Assuming a linear relationship between Y and X, the professor used the least-squares method and found that the Y intercept = 20.90 and the slope = 0.66. Also, the sum of squares total (SST) and the regression sum of squares (SSR) were equal to 65600.74 and 52831.23, respectively.

Problem 1: Based on this information, the standard error of the estimate is equal to __________. Round your final answer to two decimal places.

Problem 2: Based on this information, the predicted mean weekly spending for a student with a weekly income of $225 would be ____________ dollars.

Problem 3: The professor also found that the standard error of the slope was 0.08. Based on this information, what is the value of the t test statistic if you are testing the null hypothesis that there is no linear relationship between the two variables, X and Y? Round your final answer to two decimal places.