The data listed below was copied from excel. I think I did the regression plot c

Question

The data listed below was copied from excel. I think I did the regression plot correctly, but I need help figuring out what equation to use for part e and how to solve it. If my regression or summary statistics look wrong, then please let me know as well. Thank you!!

e. What would this regression equation predict for spending on education for a state with income equal to the average income of all the states in this data? You should use a formula along with the Excel’s regression estimates for the intercept and the slope and Excel’s estimate of mean income. How does that compare to the average spending for all states in this data? What does the regression equation predict will be spent on education in the state with the minimum or maximum income in the data?

state spend income AL 275 6247 AK 821 10851 AZ 339 7374 AR 275 6183 CA 387 8850 CO 452 8001 CT 531 8914 DE 424 8604 DC 428 10022 FL 316 7505 GA 265 6700 HI 403 8380 ID 304 6813 IL 437 8745 IN 345 7696 IA 431 7873 KS 355 8001 KY 260 6615 LA 316 6640 ME 327 6333 MD 427 8306 MA 427 8063 MI 466 8442 MN 477 7847 MS 259 5736 MO 274 7342 MT 433 7051 NE 294 7391 NV 359 9032 NH 279 7277 NJ 423 8818 NM 388 6505 NY 447 8267 NC 335 6607 ND 311 7478 OH 322 7812 OK 320 6951 OR 397 7839 PA 412 7733 RI 342 7526 SC 315 6242 SD 321 6841 TN 268 6489 TX 315 7697 UT 417 6622 VT 353 6541 VA 356 7624 WA 415 8450 WV 320 6456 WY 500 9096 Spend Mean Standard Error Media Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count income 7608.56 373.26 Mean 13.37 Standard Error 148.58 7575.00 354.00 Median 8001.00 275.00 Mode 94.55 Standard Deviation 1050.64 8940.32 Sample Variance 1103853.68 9.08 Kurtosis 0.65 0.68 2.22 Skewness 5115.00 562.00 Range 259.00 Minimum 5736.00 821.00 Maximum 10851.00 18663.00 Sum 380428.00 50.00 Count 50.00

Explanation / Answer

so the regression line is:

Spent = -151.265 + 0.068939* Income

spent amout for a state whose income is same as the average income of all states:
avg income of the state = 7608.56

=> spent = -151.265+0.068939*7608.56

Therefore predicted spent = 373.2615

prediction of spent for maximum and minimum income:

minimum income = MS = 5736

maximum income = AK = 10851

Prediction table:

spent for MS = -151.265+0.068939*5736 = 244.1691

spent for AK = -151.265+0.068939*10851 = 596.7921

Rest of prediction table :

SUMMARY OUTPUT Regression Statistics Multiple R 0.766025 R Square 0.586795 Adjusted R Square 0.578186 Standard Error 61.40969 Observations 50 ANOVA df SS MS F Significance F Regression 1 257060.4 257060.4 68.16498 9.05E-11 Residual 48 181015.2 3771.15 Total 49 438075.6 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept -151.265 64.12183 -2.35903 0.022441 -280.191 -22.3395 -280.191 -22.3395 X Variable 1 0.068939 0.00835 8.256209 9.05E-11 0.05215 0.085727 0.05215 0.085727

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