2) Suppose an economist wants to compare the mean dollar amounts owed by delinquent credit card customers in three different socioeconomic classes (1) Lower Class (2) Middle Class and (3) Upper Class....

Extracted text: 2) Suppose an economist wants to compare the mean dollar amounts owed by delinquent credit card customers in three different socioeconomic classes (1) Lower Class (2) Middle Class and (3) Upper Class. of 10 customers with delinquent accounts is selected from each group, and the amount owed by each is recorded, as shown below in the table sample Dollars Owed Group 1 (lower class) Group 2 (middle class) $ 513 Group 3 (upper class) $ 335 643 $ 148 76 264 393 433 216 520 94 536 236 535 128 134 327 723 55 214 258 166 135 380 415 280 594 153 304 465 i) Hypothesize a regression model for amount owed (y) using socioeconomic class as an independent variable. ii) Interpret the B's in the model. Fit the model to the data and give the least squares prediction iii) equation. iv) Use the model to determine if the mean dollar amounts owed by customers differ significantly for the three socioeconomic groups at a = 0.5.