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In: Statistics and Probability

An accountant for a small manufacturing plant collected the following random sample to study the relationship...

An accountant for a small manufacturing plant collected the following random sample to study the relationship between x = the cost to make a particular item and y = the selling price.

x (cost) 26 50 47 23 52 71

y (selling price) 78 132 128 70 152 198

(a) Calculate the least squares line in the form ˆy “ a ` bx.

(b) Calculate the coefficient of determination.

(c) Estimate the selling price of an item if the cost to manufacture the item is $75. (Round to the nearest penny)

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orchestra answered 1 year ago
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