JustAnswer
Assume you have noted the following prices for books and the number of pages that each book contains.
Book Pages (x) Price (y)
A 500 $7.00
B 700 7.50
C 750 9.00
D 590 6.50
E 540 7.50
F 650 7.00
G 480 4.50
a. Develop the estimated regression equation that could be used to predict the price of a book given the number of pages. Interpret the slope.
The slope of the least-squares fit line is 0.0099, or very close to 1 cent per page.
b. Did the estimated regression equation provide a good fit? Explain.
The fit is only marginally good for these data. There does appear to be a trend in the data, but the spread of the data around the best-fit line is rather large.
c. Compute the correlation coefficient between the price and the number of pages. Test to see if the price and the number of pages are related. Use a = 0.10. d. What will be the price of a book if the book has 800 pages?
The correlation coefficient is 0.56. This is not particularly strong. The price of a 800 page book, as predicted by this equation, would be $8.96.
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