The Data Listed Below Is the Average Personal Income and Personal

Essay

The data listed below is the average personal income and personal consumption expenditures based on the survey
conducted in the year 1995 to 2009 in U.S. $$\begin{array}{l}\begin{array} { | c | c | } \hline \text { Personal income } & \text { Personal consumption }\\\mathbf { ( \$ ) } & \text { expenditures } ( \$ \mathbf { \$ } ) \\\hline 23,310 & 18,714 \\\hline 24,444 & 19,569 \\\hline 25,657 & 20,414 \\\hline 27,260 & 21,434 \\\hline 28,336 & 22,738 \\\hline 30,317 & 24,227 \\\hline 31,162 & 25,074 \\\hline 31,448 & 25,865 \\\hline 32,282 & 26,848 \\\hline 33,872 & 28,228 \\\hline 35,423 & 29,818 \\\hline 37,723 & 31,210 \\\hline 39,418 & 32,551 \\\hline 40,156 & 33,273 \\\hline 39,113 & 32,853 \\\hline\end{array}\end{array}$$
a. What is the 95 percent confidence interval for the regression parameter β₁? Based on this interval, what
conclusion can you make about the hypotheses that the regression parameter β₁ is equal to zero?
d. What is the 95 percent confidence interval for the regression parameter β₀? Based on this interval, what
conclusion can you make about the hypotheses that the regression parameter β₀ is equal to zero?