(Solved): You collect some data on height and income. Height was measured in inches and income was measured i ...

You collect some data on height and income. Height was measured in inches and income was measured in thousands of dollars. The data looks like this: Height is the independent variable, income is the dependent variable. We try to predict income through height. You are now tasked to calculate the following statistics: 1. Calculate R-squared for this model - how much of the variation in the dependent variable is explained through the independent variable? (20 pts) 2. Calculate the correlation coefficient (r). (5 pts) 3. Now interpret the model. Do you think this is a good model? Do you think it makes sense to predict income through height? Whether you believe this is a valid model or not what do you think could be the potential relationship? (15 pts)