A consumer's spending is widely believed to be a function of their income. To estimate this relationship, a university p

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A consumer's spending is widely believed to be a function of
their income. To estimate this relationship, a university
professor randomly selected 19 of his students and
collected information on their spending (Y, in
dollars) and income (X, in dollars) patterns in
week 6 of the semester. Assuming a linear
relationship between Y and X, the professor used the
least-squares method and found that the Y
intercept = 20.90 and the
slope = 0.66. Also, the sum of squares
total (SST) and the
regression sum of squares (SSR) were equal
to 65600.74 and 52831.23, respectively. What is the lower bound of a 95% confidence interval estimate of the population mean spending for a weekly income of $60. Assume the
h Statistic equals 0.12.
less than $41
$60.5
greater than $41 but less than $60.5
greater than $60.5