The following information refers to the next four questions:An insurance company wishes to examine the relationship between income (in $,000) and the amount of life insurance (in $,000) held by families. The company drew a simple random sample of families and obtained the following results:FamilyIncomeAmount of life insuranceA50120B80200C100220D80160E80180F120270G70150H100240I60160J90210QUESTION 21What is the least squares estimate of the slope?Answer should be to four decimal places e.g. 1.2345.Please do NOT include any units in your answer.QUESTION 22What is the least squares estimate of the Y intercept?Answer should be to four decimal places e.g. 1.2345.Please do NOT include any units in your answer.QUESTION 23What is the prediction for the amount of life insurance for a family whose income is $85,000?Answer should be to four decimal places and be consistent with your original data set, e.g. if your answer was $75,410.90, you would enter 75.4109 as your answer.Please do NOT include any units in your answer.QUESTION 24What would be the residual (error) term for a family income of $90,000?Answer should be to four decimal places and be consistent with your original data set e.g. if your answer was $940.90, you would enter 0.9409. If your answer was $9,400.90, you would enter 9.4009 etc..Please do NOT include any units in your answer.The next six questions refer to the following information:International Pictures is trying to decide how to distribute its new movie Claws. Claws is the story of an animal husbandry experiment at the University of Southern Queensland that goes astray, with tragic results. An effort to breed meatier chickens somehow produces an intelligent, 200 kilogram chicken that escapes from the lab and terrorises the campus. In a surprise ending the chicken is befriended by coach Tim Galvano, who teaches it how to play Rugby and help his team win State, National and World Championships. Because of the movies controversial nature, it has the potential to be either a smash hit, a modest success, or a total bomb. International is trying to decide whether to release the picture for general distribution initially or to start out with a limited first-run release at a few selected theatres, followed by general distribution after 3 months. The company has estimated the following probabilities and conditional profits for Claws:
Income and the amount of life insurance
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