Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. The scatterplot below displays the association between the Solano College bookstore price and the Amazon online price of 83 textbooks. Online Price 160
1. The scatterplot below displays the association between the Solano College bookstore price and the Amazon online price of 83 textbooks. Online Price 160 140 120 100 80 60 40 20 0 Scatterplot of Online Price vs Bookstore Price 20 40 60 100 80 Bookstore Price 120 140 160 a) Discuss the form, direction, and strength shown in the scatterplot. b) The regression equation for this bivariate dataset is = -3.20 +0.827x. Predict the online price of a book that costs $40 at the bookstore. c) Predict the online price of a book that costs $118 at the bookstore. d) One book in this dataset that cost $118 at the bookstore, cost $50 online. Find the residual for this book and interpret its meaning. e) Carefully interpret the meaning of the slope, including the appropriate units. f) The y-intercept cannot be interpreted in this case, explain why. g) The correlation coefficient for this bivariate dataset is 0.827. Find the coefficient of determination and carefully explain what it tells us in this context.
Step by Step Solution
★★★★★
3.56 Rating (167 Votes )
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started