Question
I need some help with my homework question. Can you explain how I answer it? I'm having some trouble. Interpreting the Slope: As the x
I need some help with my homework question. Can you explain how I answer it? I'm having some trouble.
Interpreting the Slope:
As the x-variable increases by one x-unit, the y-variable increases (if m is positive) or decreases(if m is negative) by the average value of the slope, m y-units.
Interpreting the y-intercept:
The y-intercept is the predicted value of the response variable (y) when the explanatory variable (x) is zero. Often, it may be nonsense in terms of the problem.
Suppose a market researcher is interested in studying the relationship between the odometer reading on a used car and its selling price. He collects a random sample of 150 cars and uses technology to create the following regression equation: Selling Price = 8,500 - 0.0325(miles on odometer).
- State the independent and dependent variables (include units).
The independent variable is ____________________________ +
The dependent variable is _____________________________
- Interpret the slope in the context of the problem.
As the _______________________________increases by _____________, the ____________________ decreases by ______________________, on average.
- Interpret y-intercept in the context of the problem. Does your interpretation make sense?
When the ____________________is ___________, the predicted __________________ is ______________ dollars.
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