The following data relates to the size of the electricity bill sent to 7 randomly selected...

The following data relates to the size of the electricity bill sent to 7 randomly selected customers and the
time the customers took to pay the bills.
Customer 1 2 3 4 5 6 7
Size of bill($) 1500 1800 2300 2700 3300 3700 4600
Time to pay (days) 16 21 19 20 24 30 27
a) State the dependent variable and independent variable of the data set.
b) Plot the data on a scatter graph and add a trend line on the scatter graph.
c) Find the correlation coefficient and comment on it.
d) Determine the linear regression equation that can be used to predict how long a bill of a given size
will take to pay.
e) Interpret your equation.
f) Use your equation to predict how long it will take a customer to pay:
i. A bill of $1050, and
ii. A bill of $8000.
What reservations do you have about these predictions?

Expert Solution

orchestra answered 1 year ago

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