The table below contains the value (in dollars) and the amount of annual rental income (in dollars) for a random sample

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The table below contains the value (in dollars) and the amountof annual rental income (in dollars) for a random sample of 41houses.
12064
12480
a) State the random variables.
rv X = Select an answer thevalue a randomly selected house the annual rentalincome the mean annual rental income all houses themean value of Select an answer thevalue the annual rental income a randomly selectedhouse all houses the mean annual rental income themean value
rv Y = Select an answer thevalue the mean value the annual rental income allhouses a randomly selected house the mean annual rentalincome of Select an answer all houses themean value the value a randomly selected house themean annual rental income the annual rental income b) Make a scatterplot of X versus Y in StatCrunch (optional). Whydo we wish to sketch a scatterplot?
Select an answer There is no reason to sketch ascatterplot. To verify that a linear model is appropriate andto look for outliers.
c) Find the equation of the best-fitting line (the leastsquares regression equation).
Round values to 2 decimal places.
Include the restricted domain.
equation: ? Y s μ X̄ Ŷ X p N σ n p̂ = + *X
restricted domain: dollars<= X <= dollars
d) Interpret the slope from part c in the context of this problem.(Pay attention to the units)
e) Interpret the Y-intercept from part c in the context of thisproblem. Include units.
Does it make sense to interpret the Y-intercepton this problem?
Why or why not? Select ananswer yes, since X = 0 is between Xmin and Xmax yes,since X = 0 is not between Xmin and Xmax yes, since Y = 0 isbetween Ymin and Ymax yes, since Y = 0 is not between Ymin andYmax no, since X = 0 is between Xmin and Xmax no, since X= 0 is not between Xmin and Xmax no, since Y = 0 is betweenYmin and Ymax no, since Y = 0 is not between Ymin andYmax f) Should you use the regression equation to predict the annualrental income of a randomly selected house that has a value of120623 dollars?
Select an answer yes, this X-value isbetween Xmin and Xmax no, this X-value is not between Xmin andXmax yes, you can use the regression equation for any value ofX Should you use the regression equation to predict theannual rental income of a randomly selected house that has a valueof 476954 dollars?
Select an answer yes, this X-value isbetween Xmin and Xmax yes, you can use the regression equationfor any value of X no, this X-value is not between Xmin andXmax Looking at your answers above, predict theannual rental income for the one above that it made sense to doso.
Make sure you use the storedequation and not the rounded equation from partc.
Round final answer to 2 decimalplaces.
g) Compute the residual for the following ordered pair in the data:(200000, 8320).
Make sure you use the storedequation and not the rounded equation from part c.
Round final answer to 2 decimalplaces.
The residual for the house with a value of200000 dollars is Interpret what this value means in the contextof this problem.