Government debt and population Data used in this exercise was published by www.bloomberg.com for the most government debt per person for 58 countries and their respective population sizes in 2014. When using population size (in millions) as the explanatory variable x, and government debt per person (in dollars) as the response variable y, the regression equation is predicted as government debt per person = 19560.405 - 13.495 population.

a. Interpret the slope of the regression equation. Is the association positive or negative? Explain what this means.

b. Predict government debt per person at the (i) minimum population size x value of 4 million, (ii) at the maximum population size x value of 1367.5 million.

c. For India, government debt per person = $946, and population = 1259.7 million. Find the predicted government debt per person and the residual for India.

Interpret the value of this residual.