Question

In: Statistics and Probability

Different hotels in a certain area are randomly​ selected, and their ratings and prices were obtained...

Different hotels in a certain area are randomly​ selected, and their ratings and prices were obtained online. Using​ technology, with x representing the ratings and y representing​ price, we find that the regression equation has a slope of 125 and a​ y-intercept of negative 374. Complete parts​ (a) and​ (b) below.

a. What is the equation of the regression​ line? Select the correct choice below and fill in the answer boxes to complete your choice. A. yequals nothingplusleft parenthesis nothing right parenthesis ModifyingAbove x with caret B. yequals nothingplusleft parenthesis nothing right parenthesis x C. ModifyingAbove y with caretequals nothingplusleft parenthesis nothing right parenthesis ModifyingAbove x with caret D. ModifyingAbove y with caretequals nothingplusleft parenthesis nothing right parenthesis x

b. What does the symbol ModifyingAbove y with caret ​represent? A. The symbol ModifyingAbove y with caret represents the expected price when the​ hotel's rating is 0. B. The symbol ModifyingAbove y with caret represents the predicted value of price. C. The symbol ModifyingAbove y with caret represents the average price of hotels in the area. D. The symbol ModifyingAbove y with caret represents the amount that price increases with a​ 1-point increase in rating.

Solutions

Expert Solution

a) y^ = -374 + 125 * x

b) Option-B) The symbol y^ represents the predicted value of price.

                                                                                                                                                                               

orchestra answered 2 years ago
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