Data on monthly spending of 50 individuals on fruits (in dollars) has been collected and researchers want to know the relationship with one's annual income of each individual (in thousands of dollars), whether they are male (male =1 if yes, 0 otherwise) and whether they are college graduates (COLLEGE=1 if yes, 0 otherwise). The analysis of data is presented below:

SUMMARY OUTPUT

Multiple R	0.745
R Square	0.555
Adjusted R Square	0.536
Standard Error	17.126
Observations	50

	df	SS	MS	F	Significant F
Regression	3	16826.69404	5608.89801	19.1235213	3.4028E-08
Resigual	46	13491.72596	293.29839	No data	No data
Total	49	30318.42	No data	No data	No data

	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%
Intercept	45.209	6.3782	7.0882	6.72E-09	32.3708799	58.0480507
Income	0.263	0.0907	2.8958	0.0058	0.08007318	0.44517957
Male	-24.452	6.6464	-5.1835	4.74E-06	-47.830171	-21.073211
College Grad	4.820	6.9444	0.6941	0.4911	-9.1581414	18.7986359

Question 1: Based on this analysis, what percentage of variations in monthly spending on fruits can be explained by the model?

Question 2: If you were to use this given analysis, what would be the point prediction for the mean value of monthly spending on fruits for men who are college graduates with an annual income of $75,000?

Question 3: At a 5% level of significance, is (are) there any variable(s) which should be removed from the model?

Income

Male

College Grad