Question

A random sample of ten professional athletes produced the following data where X is the number of endorsements the player has and Y is the amount of money made (in millions of dollars). What is the slope of the line of best fit? What does it represent?

x	y
0	2
3	8
2	7
1	3
5	13
5	12
4	9
3	9
0	3
4	10

Answer 1

Following table shows the calculations:

	X	Y	X^2	Y^2	XY
	0	2	0	4	0
	3	8	9	64	24
	2	7	4	49	14
	1	3	1	9	3
	5	13	25	169	65
	5	12	25	144	60
	4	9	16	81	36
	3	9	9	81	27
	0	3	0	9	0
	4	10	16	100	40
Total	27	76	105	710	269

The slope is: 1.988

For each unit increase in the number of endorsements the player, the amount of money made (in millions of dollars) is increased by 1.988.

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Following scatter plot shows the same: