Question

The following data give the average price received by fishermen for several species of fish in 2000 and 2010. The price is in cents per pound.

Fish	Year 2000 Price (x)	Year 2010 Price (y)
COD	13.1	129.5
FLOUNDER	15.3	112.2
HADDOCK	25.8	101.5
MENHADEN	1.8	26.3
PERCH	4.9	33.2
CHINOOK	55.4	244.8
COHO	39.3	118.8
ALBACORE	26.7	89.4
SOFT SHELLED CLAMS	47.5	227.5
LOBSTERS AMERICAN	94.7	317.5
SEA SCALLOPS	135.6	397.6
SHRIMP	47.6	198.0

1. Create a regression equation for the data.
   
   ˆy=y^=    Round to 2 decimal places.
   
2. What is the correlation coefficient between the 2000 and 2010 prices.
   
   Round to 2 decimal places.
   
3. If a type of fish was 41.3 cents per pound in 2000, how much would you expect to pay for it in 2010?
   
   ¢/lbs Round to 1 decimal places.

Answer 1

1. Create a regression equation for the data.
   
   Answer: y= 49.13 +2.77x  Round to 2 decimal places.
2. What is the correlation coefficient between the 2000 and 2010 prices?
   Answer: 0.96
   Round to 2 decimal places.
3. If a type of fish was 41.3 cents per pound in 2000, how much would you expect to pay for it in 2010?

Answer: 163.6

Put x=41.3

y= 49.13 +2.77(41.3) =41.3

1. ¢/lbs Round to 1 decimal places.

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Using Excel<data<data analysis<regression

Regression Analysis
	r²	0.914
	r	0.956
	Std. Error	34.764
	n	12
	k	1
	Dep. Var.	Year 2010 Price (y)
ANOVA table
Source	SS	df	MS	F	p-value
Regression	1,29,153.6712	1	1,29,153.6712	106.87	1.17E-06
Residual	12,085.5579	10	1,208.5558
Total	1,41,239.2292	11
Regression output				confidence interval
variables	coefficients	std. error	t (df=10)	p-value	95% lower	95% upper
Intercept	49.1301	15.14	3.24	0.01	15.39	82.87
Year 2000 Price (x)	2.7708	0.2680	10.338	1.17E-06	2.1736	3.3680
		95% Confidence Interval	95% Prediction Interval
	Predicted	lower	upper	lower	upper	Leverage
	163.5644	141.1957	185.9332	82.9396	244.1893	0.083