An ardent fan of television game shows has observed that, in general, the more educated the contestant, the less money he or she wins. To test her belief she gathers data about the last eight winners of her favorite game show. She records their winnings in dollars and the number of years of education. The results are as follows. Contestant Years of Education X Winnings y
1 11 750
2 15 400
3 12 600
4 16 350
5 11 800
6 16 300
7 13 650
8 14 400
a) Plot the data.
b) Calculate the slope and y-intercept for the regression line (LSM).
c) What is the expected winning of a contestant with 20 years of education?
d) What is the standard error of the estimate?