Age and Price of Orions In the first two columns of Table 4.5, we repeat our data on age and price…

Age and Price of Orions In the first two columns of Table 4.5, we repeat our data on age and price…

The Regression Equation

Age and Price of Orions In the first two columns of Table 4.5, we repeat our data on age and price for a sample of 11 Orions.

a. Determine the regression equation for the data.

b. Graph the regression equation and the data points.

c. Describe the apparent relationship between age and price of Orions.

d. Interpret the slope of the regression line in terms of prices for Orions.

e. Use the regression equation to predict the price of a 3-year-old Orion and a 4-year-old Orion.

TABLE 4.5

Table for computing the regression equation for the Orion data

Age (yr) x

Price ($100) y

xy

x2

5

85

425

25

4

103

412

16

6

70

420

36

5

82

410

25

5

89

445

25

5

98

490

25

6

66

396

36

6

95

570

36

2

169

338

4

7

70

490

49

7

48

336

49

58

975

4732

326

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