For Exercises 37–51, do the following for the indicated data sets from the Section 4.1 exercises:

  1. Calculate the slope and the intercept of the regression line.
  2. State the regression equation in words.
  3. Interpret the value for the slope of the regression line, in terms of the variables from the particular exercise.
  4. Interpret the value for the intercept of the regression line, in terms of the variables from the particular exercise.

Question 4.147

consumersentiment

49. Consumer Sentiment. The University of Michigan’s Survey of Consumers published the data in the following table, showing the consumer sentiment in 2013 month by month for the two groups.

Month
Jan 71.6 80.2
Feb 75.7 82.4
Mar 78.3 83.7
Apr 74.5 79.8
May 80.3 94.1
Jun 76.1 98.9
Jul 82.4 90.0
Aug 78.0 89.6
Sep 72.3 86.2
Oct 71.4 77.0
Nov 67.9 88.7
Dec 78.9 88.0

4.2.49

(a) (b) The predicted consumer sentiment for incomes $75,000 or higher is 0.641 times the consumer sentiment for incomes under $75,000 plus 38.1. (c) For each increase of 1 in the consumer sentiment for incomes under $75,000 the predicted consumer sentiment for incomes $75,000 or higher increases by 0.641. (d) The predicted consumer sentiment for incomes $75,000 or higher in a month when consumer incomes for under $75,000 is is 38.1.