Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following data set that contains information about the average price of a dozen eggs in ten randomly chosen cities: City Gas price per

Consider the following data set that contains information about the average price of a dozen eggs in ten randomly chosen cities:

City Gas price per gallon ($) Price of a dozen eggs ($)
Cleveland 2.21 0.98
New Orleans 2.77 0.99
Seattle 2.95 1.06
San Antonio 3 1.16
Denver 3.17 1.44
Milwaukee 3.23 1.48
Baltimore 3.38 1.54
Tampa 3.72 1.54
Los Angeles 3.81 1.62
Phoenix 4.03 1.65

The scatter plot that summarizes the data with regard to price of gas as the input variable and price of a dozen eggs as the output variable is provided below.2.22.32.42.52.62.72.82.933.13.23.33.43.53.63.73.83.940.911.11.21.31.41.51.61.71.81.9Gas Price, [$]Product Price, [$]

a. Is there an association between the two variables? If yes, is it positive or negative?

There appears to be a Select an answer negative no positive Correct association between the two variables.

b. Use technology to find the equation of the line of best fit, y=mx+by=mx+b, and the coefficient of determination and interpret the slope, the vertical intercept, and the correlation. (Round the answers to 3 decimal places.)

i. m=m= Select an answer gallons $ $/$ miles Correct is the Select an answer price of gas when a dozen eggs is free the rate of change of the price of gas the rate of change of the price of a dozen eggs price of a dozen eggs when the price of gas is zero Correct ;

ii. b=b= Select an answer miles gallons $ $/$ Correct is the Select an answer the rate of change of the price of gas price of gas when a dozen eggs is free the rate of change of the price of a dozen eggs price of a dozen eggs when the price of gas is zero Correct ;

iii.r=r= hence there is a Select an answer strong weak no Correct linear relation.

c. Use the line of best fit to:

i. estimate the price of a dozen eggs when the price of gas is 3.15 dollars per gallon.

Answer: dollars. (Round the answer to 2 decimal places)

ii. estimate the price of gas when the price of dozen eggs is 1.03 dollars.

Answer: dollars per gallon. (Round the answer to 2 decimal places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Algebra (Subscription)

Authors: Mark Dugopolski

6th Edition

0321916670, 9780321916679

More Books

Students also viewed these Mathematics questions