Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Eight (8) tourists were asked about their airfare expenses and their total budgeted amount for their last travel/holiday. Airfare (in $) 200 300 250 100

Eight (8) tourists were asked about their airfare expenses and their total budgeted amount for their last travel/holiday.

Airfare (in $) 200 300 250 100 150 170 180 230
Total Budget (in $) 2500 2800 2100 1200 1800 1900 2000 2700

(a) Draw the scatter plot and the line of best fit. What is the expected budget for an individual of this group if the airfare to a certain city of her choice is $140? And what is the expected airfare if her budget is $2,200?

(b) Determine if there is a correlation between the two variables assuming that all travel costs are determined by the travelers' economic status. Describe the correlation strength, provide your conclusion, and a practical recommendation for the airline industry.

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_2

Step: 3

blur-text-image_3

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 And Trigonometry A Unit Circle Approach,

Authors: Mark Dugopolski

5th Edition

0321908252, 9780321908254

More Books

Students also viewed these Mathematics questions

Question

Discuss whether happier people make more money.

Answered: 1 week ago

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago