Energy use: A sample of 10 households was monitored for one year. The household income (in $1000s)
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Energy use: A sample of 10 households was monitored for one year. The household income (in $1000s) and the amount of energy consumed (in 1010 joules) were determined. The results follow.
a. Compute the least-squares line for predicting energy consumption (y)
from income (x).
b. Compute a 95% confidence interval for the slope.
c. Test H0: β1 = 0 versus H1: β1 > 0.
Can you conclude that income is useful in predicting energy consumption? Use the α = 0.01 level of significance.
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