Suppose that we have data on U. S. personal disposable income (x) and personal consumption (Y) over a period of 10 years. The least squares line is found to be Both x and Y are measured in terms of...

Suppose that we have data on U. S. personal disposable income

(x) and personal consumption (Y) over a period of 10 years.

The least squares line is found to be

Both x and Y are measured in terms of constant 1954 dollars

(billions).

(a) Find a 95% confidence interval for 8 Give a verbal description of the meaning of $.

(b) If the average personal consumption was $295 (in constant

1954 billions), what was the average personal income (in

constant 1954 billions)?