In: Statistics and Probability
Following is an extract from the database of a construction company. The table shows the height of walls in feet and the cost of raising them. The estimated simple linear regression equation is given as Ŷ = b0 + b1X. (Hint: Use Excel functions).
Height (ft) |
Cost ($) |
4 |
670 |
3 |
430 |
7 |
810 |
9 |
1100 |
6 |
790 |
8 |
880 |
5 |
760 |
11 |
1200 |
1) What is the value of the coefficient b1?
A) 254.8371
B) 0.010697
C) -2.14625
D) 86.81704
2) What is the estimated cost of raising a 10 foot wall?
A) 1123.008
B) 1505.786
C) 1103.578
D) 968.6109