Question

Use R to solve

An economist studied the relationship between x,1970 yearly income(in thousands of dollars) for a family of four, and y, 1970 yearly clothing expenditure(in hundreds of dollars) for the family. The following data were observed:

                         x                          y

8	6.47
10	6.17
12	7.40
14	10.57
16	11.93
18	10.30
20	14.67

1. Calculate the least squares point estimates and standard error s.
2. Calculate the residuals and the standardized residuals.
3. Construct residual plots versus x and yhat.

Answer 1