The economics research group from Q3 also obtained, from their…

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.

(a) Construct a scatterplot of Debt vs Income, with Debt on the y-axis.

(b) Describe what the scatterplot in (a) suggests about the relationship between Debt and Income.

(c) Use Excel to find the least squares regression line for predicting debt based on income.

(d) Interpret, in context, the slope coefficient in the model.

(e) Give the value, and interpret the meaning, of the R Square.

 

 

 

IncomeDebt
319000458000
71000153000
330000
10400098000
4500083000
600013000
4300050000
165000200000
3700040000
167000270000
79000110000
1800013000
4300065000
2600035000
75000108000
185000283000
2400013000
2000033000
3300080000
4300040000
20000
124000145000
85000125000
00
126000128000
60000
11800028000
87000125000
142000128000
9000080000
83000125000
1800035000
00
94000153000
153000245000
12200028000
73000100000
140003000
4300018000
175000200000
138000135000
3300070000
8100040000
4300050000
1000023000
96000123000
128000190000
92000148000
206000350000
79000143000
92000155000
1800023000
40008000
40000
171000235000
149000185000
128000163000
118000188000
1000010000
2200013000
81000123000
187000295000
201000255000
8100075000
180005000
600028000
4500053000
293000355000
4100093000
3100013000
8500088000
1600035000
75000103000
238000320000
120000123000
212000163000
67000108000
212000265000
1800030000
193000243000
126000135000
128000168000
800023000
5700043000
146000208000
106000190000
63000120000
71000133000
214000260000
71000105000
193000385000
201000275000
102000113000
1800033000
71000123000
169000258000
87000100000
6100098000
96000118000
228000288000
7900090000
1200010000
191000210000
00
800013000
180000
124000158000
134000210000
85000123000
122000155000
155000178000
00
214000238000
12400088000
5300080000
2600030000
1400020000
2600028000
40000
12600070000
4900058000
2000030000
8100043000
55000108000
3300030000
6100060000
120000140000
110000128000
9000055000
6100095000
4700078000
3300060000
71000143000
4100063000
85000105000
159000148000
5300013000
100000180000
6300073000
7900098000
8500078000
5500095000
60008000
136000140000
1400020000
2600045000
132000190000
116000115000
108000150000
4100045000
600043000
400015000
94000133000
470005000
10000090000
600010000
67000118000
4700098000
291000333000
128000163000
800010000
2400030000
9800093000
20005000
3300050000
5100058000
3900040000
4900080000
3100023000
195000270000
600015000
6900065000
2600030000
40000
126000145000
132000183000
159000293000
277000358000
12000093000
67000120000
1000033000
157000205000
142000140000
6900090000
10000055000
191000200000
2000033000
132000165000
1800025000
20000
3700030000
112000143000
210000280000
2200023000
00
108000120000
2800023000
104000243000
6300073000
120000133000
151000175000
3500073000
6300080000
3900048000
85000118000
108000158000
9200073000
8500090000
60008000
2200040000
6300050000
5900058000
79000150000
163000200000
2000028000
134000168000
120000
1200010000
126000155000
1000018000
120005000
114000113000
120000120000
3900048000
126000105000
171000213000
155000183000
83000133000
291000355000
102000113000
10600098000
75000135000
87000133000
7900095000
110000110000
3100043000
2200035000
20005000
73000118000
00
128000243000
210000228000
3300050000
4900055000
800015000
116000175000
59000120000
7900098000
3300060000
90000110000
4500078000
128000160000
130000170000
65000103000
2600038000
3500050000
130000160000
00
7100095000
4300068000
110000115000
185000320000
6900083000
67000100000
104000165000
10200080000
120000118000
5300060000
1000013000
5500085000
73000140000
5700073000
6700095000
5300063000
600020000
120000118000
112000158000
153000193000
5300048000
1400018000
8100013000
110000130000
167000250000
3900055000
4300060000
199000185000
3300030000
8700073000
4500060000
214000258000
3700033000
85000113000
73000123000
177000200000
4900070000
120000180000
5300073000
10200070000
3100055000
4300033000

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