=+3 After a few hours Pat’s computer is fixed. Pat uses the first nine months of data and regression analysis to estimate the relationship between the quantity purchased and purchase costs of part no. 4599. The regression line Pat obtains is:

y = $1779.6 + $3.67X Evaluate the regression line using the criteria of economic plausibility, goodness of fit and significance of the independent variable. Compare the regression equation to the equation based on the high–low method. Which is a better fit? Why?