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A researcher collected data on a random sample of 12 breakfast cereals. He recorded x= fiber (in grams/ounce) and y= price (in cents/ounce). A scatterplot of the data shows a linear relationship. The fitted regression model is ˆy= 17.42 +.62x.
The sample correlation coefficient, r, is 0.23. The SE of ˆβ1 is 0.81. Also ,Se= 3.1.
(a) Approximate r^2 and interpreter it in the context of this problem.
(b) Suppose that a cereal has 2.63 grams of fiber/ounce and costs 17.3 cents/ounce. What is the residuals for this cereal?
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