A study of the relationship between marble ownership and household income was conducted by Jojo. He interviewed a simple random sample of 330 households and generated the following summary statistics:
1 = 3.8, 0.8 y = 13.4, Sy = 3.2, TIV = 0.775
Where:
1 = monthly income of the ith household, measured in $1,000s.
y = weight of marbles owned by household, measured in lbs.
Using these statistics, we can find the regression equation for predicting marble weight from income and estimate the mean weight of marbles owned by all households with monthly incomes of $5,000.