The economics research group from Q3 also obtained, from their random sample of 300 New Zealand adults, data on each individual's total annual income (rounded to the nearest $1,000) and total debt (rounded to the nearest $1,000). The data are in the file IncomeDebt2022.xls. The research group now wants to investigate the relationship between debt and income.

(f) Give the value, and interpret the meaning, of the Standard Error

(g) Predict the average debt for a person with an income of $76,000.

(h) Construct a residual plot of the residuals against the fitted values.

(i) Discuss the validity of the regression model with reference to the residual plot in h)

Income	Debt
319000	458000
71000	153000
33000	0
104000	98000
45000	83000
6000	13000
43000	50000
165000	200000
37000	40000
167000	270000
79000	110000
18000	13000
43000	65000
26000	35000
75000	108000
185000	283000
24000	13000
20000	33000
33000	80000
43000	40000
2000	0
124000	145000
85000	125000
0	0
126000	128000
6000	0
118000	28000
87000	125000
142000	128000
90000	80000
83000	125000
18000	35000
0	0
94000	153000
153000	245000
122000	28000
73000	100000
14000	3000
43000	18000
175000	200000
138000	135000
33000	70000
81000	40000
43000	50000
10000	23000
96000	123000
128000	190000
92000	148000
206000	350000
79000	143000
92000	155000
18000	23000
4000	8000
4000	0
171000	235000
149000	185000
128000	163000
118000	188000
10000	10000
22000	13000
81000	123000
187000	295000
201000	255000
81000	75000
18000	5000
6000	28000
45000	53000
293000	355000
41000	93000
31000	13000
85000	88000
16000	35000
75000	103000
238000	320000
120000	123000
212000	163000
67000	108000
212000	265000
18000	30000
193000	243000
126000	135000
128000	168000
8000	23000
57000	43000
146000	208000
106000	190000
63000	120000
71000	133000
214000	260000
71000	105000
193000	385000
201000	275000
102000	113000
18000	33000
71000	123000
169000	258000
87000	100000
61000	98000
96000	118000
228000	288000
79000	90000
12000	10000
191000	210000
0	0
8000	13000
18000	0
124000	158000
134000	210000
85000	123000
122000	155000
155000	178000
0	0
214000	238000
124000	88000
53000	80000
26000	30000
14000	20000
26000	28000
4000	0
126000	70000
49000	58000
20000	30000
81000	43000
55000	108000
33000	30000
61000	60000
120000	140000
110000	128000
90000	55000
61000	95000
47000	78000
33000	60000
71000	143000
41000	63000
85000	105000
159000	148000
53000	13000
100000	180000
63000	73000
79000	98000
85000	78000
55000	95000
6000	8000
136000	140000
14000	20000
26000	45000
132000	190000
116000	115000
108000	150000
41000	45000
6000	43000
4000	15000
94000	133000
47000	5000
100000	90000
6000	10000
67000	118000
47000	98000
291000	333000
128000	163000
8000	10000
24000	30000
98000	93000
2000	5000
33000	50000
51000	58000
39000	40000
49000	80000
31000	23000
195000	270000
6000	15000
69000	65000
26000	30000
4000	0
126000	145000
132000	183000
159000	293000
277000	358000
120000	93000
67000	120000
10000	33000
157000	205000
142000	140000
69000	90000
100000	55000
191000	200000
20000	33000
132000	165000
18000	25000
2000	0
37000	30000
112000	143000
210000	280000
22000	23000
0	0
108000	120000
28000	23000
104000	243000
63000	73000
120000	133000
151000	175000
35000	73000
63000	80000
39000	48000
85000	118000
108000	158000
92000	73000
85000	90000
6000	8000
22000	40000
63000	50000
59000	58000
79000	150000
163000	200000
20000	28000
134000	168000
12000	0
12000	10000
126000	155000
10000	18000
12000	5000
114000	113000
120000	120000
39000	48000
126000	105000
171000	213000
155000	183000
83000	133000
291000	355000
102000	113000
106000	98000
75000	135000
87000	133000
79000	95000
110000	110000
31000	43000
22000	35000
2000	5000
73000	118000
0	0
128000	243000
210000	228000
33000	50000
49000	55000
8000	15000
116000	175000
59000	120000
79000	98000
33000	60000
90000	110000
45000	78000
128000	160000
130000	170000
65000	103000
26000	38000
35000	50000
130000	160000
0	0
71000	95000
43000	68000
110000	115000
185000	320000
69000	83000
67000	100000
104000	165000
102000	80000
120000	118000
53000	60000
10000	13000
55000	85000
73000	140000
57000	73000
67000	95000
53000	63000
6000	20000
120000	118000
112000	158000
153000	193000
53000	48000
14000	18000
81000	13000
110000	130000
167000	250000
39000	55000
43000	60000
199000	185000
33000	30000
87000	73000
45000	60000
214000	258000
37000	33000
85000	113000
73000	123000
177000	200000
49000	70000
120000	180000
53000	73000
102000	70000
31000	55000
43000	33000