Energy Consumption: A sample of ten households was monitored for one year.The household income (in $1000s) and the amount of energy consumed (joules) were determined.The results follow.

The following output was obtained after performing regression analysis in Excel:

Regression Statistics

Multiple R

0.9598472

R Square

0.92130665

Adjusted R Square

0.91146998

Standard Error

14.754434

Observations

10

coefficients

std. error

t (df=8)

p-value

Lower 95%

Upper 95%

Intercept

4.1659

8.940931

0.325169

0.753394

-17.710512

23.525136

Income

0.888239

0.091781

9.677832

0.00000522134

0.675

1.095

a.Give the value of the correlation coefficient and interpret its meaning.

b.Compute the least-squares regression line for predicting energy consumption (y) from income (x).

c.Interpret the value of the slope.

d.Predict the amount of energy consumption for a household with an income of $150,000.Round to the nearest tenth.

e.What is the 95% confidence interval for the slope.You do not have to interpret the results.

f.Construct a 99% confidence interval for the slope.You do not have to interpret the results.

g.Test versus .Can you conclude that income is useful in predicting energy consumption?Use the level of significance.

i.Is this a left-tailed test, a right-tailed test, or a two-tailed test?

ii.What is the value of the test statistic?Do not round.

iii.Identify the p-value for this procedure. Do not round.

iv.Using the p-value method, should be rejected at the level of significance?Why or why not?

v.Can you conclude that income is useful in predicting energy consumption?