Question
Below is bivariate data on vintage dresser auctions, where X is the year of construction of the dresser and Y is the price sold at
Below is bivariate data on vintage dresser auctions, whereXis the year of construction of the dresser andYis the price sold at auction.
X | 1842 | 1790 | 1886 | 1903 | 1819 | 1880 | 1851 |
Y | 4500 | 8600 | 2100 | 1900 | 7500 | 1600 | 4900 |
3pt a) Find the correlation coefficient (round to four decimal places) between year of construction and price sold at auction and then interpret the direction and strength of the correlation.
2pt b) Find the Least-Squares Regression Line (round to four decimal places throughout.)
2pt c) Predict the price sold at auction of a dresser made in 1865 (round to the nearest dollar.)
3pt d) If a pair of dressers differ by 30 years in year of construction, by how much would we predict their prices at auction to differ (round to nearest dollar)?
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