Question 1 An article in Technometrics by S. C. Narula and J. F.Wellington (“Prediction, Linear Regression, and a Minimum Sum ofRelative Errors,” Vol. 19, 1977) presents data on the selling price(y) and annual taxes (x) for 24 houses. The taxesinclude local, school and county taxes. The data are shown in thefollowing table. Sale Price/1000 Taxes/1000 25.9 4.9176 29.5 5.0208 27.9 4.5429 25.9 4.5573 29.9 5.0597 29.9 3.8910 30.9 5.8980 28.9 5.6039 35.9 5.8282 31.5 5.3003 31.0 6.2712 30.9 5.9592 30.0 5.0500 36.9 8.2464 41.9 6.6969 40.5 7.7841 43.9 9.0384 37.5 5.9894 37.9 7.5422 44.5 8.7951 37.9 6.0831 38.9 8.3607 36.9 8.1400 45.8 9.1416 (a) Calculate the least squares estimates of the slope andintercept. β^1=Enter your answer; beta1 (Round your answer to 3 decimalplaces.) β^0=Enter your answer; beta0 (Round your answer to 2 decimalplaces.) (b) Find the mean selling price given that the taxes paid arex = 5.3. Enter your answer in accordance to the item b) of the questionstatement (Round your answer to 2 decimal places.) (c) Calculate the fitted value of y corresponding tox = 5.0208 (observation #2). Find the correspondingresidual. y^=Enter your answer; the fitted value of y (Round your answerto 2 decimal places.) y−y^=Enter your answer; the corresponding residual (Round youranswer to 2 decimal places.) Statistical Tables and Charts Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER