QUESTION 24 Questions 17 - 25 concern the following idea: An economist is studying how many hours per week small business owners put into their business and whether it is related to the annual profit they earn from it. She gets information from a sample of small business owners about these two variables, and then runs a simple linear regression, some of the output of which is shown below. . Profit - last year's profit from the company (in 1000's of dollars) (ranges from 14.13 to 155.31) Hours - the average weekly hours the small business owner personally worked for the business (ranges from 22 to 70) A simple linear regression is run, with the following output: summary(Im(profit ~ hours, data=small_bus)) Coefficients: Estimate Std. Error t value Pr(>It]) (Intercept) 0.9690 7.2469 0.134 0.894 hours 1.8551 0.2507 7.400 4.72e-11 Residual standard error: 19.8 on 98 degrees of freedom Multiple R-squared: 0.6074, Adjusted R-squared: 0.6034 F-statistic: 151.6 on 1 and 98 DF, p-value: 4.72e-11 What is the predicted profit (in $) for a business owner who works for 54 hours per week in their business (correct to 1dp)