Find the best predicted cost of a ticket purchased one day in advance, given that the cost of the ticket is $300 if purchased 30 days in advance of the flight.

In each case, find the regression equation, letting the first variable be the predictor (x) variable. Find the indicated predicted value by following the prediction procedure summarized in Figure 10-5.

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30 Days One Day 244 456 260 614 264 264 567 943 278 628 318 280 1088 536 Yes. The regression equation is a good model. Strategy for Predicting Values of Y Is the regression equation a good model? • The regression line graphed in the scatterplot shows that the line fits the points well. • r indicates that there is a linear correlation. • The prediction is not much beyond the scope of the available sample data. Substitute the given value of x into the regression equation ŷ = b + b₁x. No. The regression equation is not a good model. Regardless of the value of x, the best predicted value of y is the value of y (the mean of the y values). Figure 10-5 Recommended Strategy for Predicting Values of y