Least Squares LIne Activity -

Average College Room and Board and Tuition Costs

Year	Room and Board	Tuition
1978	$1521	$1397
1983	$2404	$2344
1988	$3253	$3472
1993	$4168	$5119
1998	$5166	$6723
2003	$6476	$9029
2008	$8361	$12075
2012	$9771	$14101

1. You are going to create three scatterplots. The two variables that you will use for each scatterplot will be Year vs Room and Board, Year vs Tuition, and Room and Board vs Tuition. For each one label which is the explanatory variable and which is the response variable (6pts).

2. Create 3 scatterplots using these data points. One scatterplot for each pair (9 pts).

Describe the scatterplots direction, form, and strength (9 pts). 4. Describe the typical yearly increase in the cost of room and board during this period. Would you say it is has been roughly increasing at a constant rate, exponentially or in some other way (3 pts)? 5. Identify the mean and standard deviation of each data set, as well as the correlation coefficient of each scatterplot (9 pts). 6. Using the above information, find the equation to the Least-Squares Line for each scatterplot (9 pts).

7. What does the slope represent for each regression line (2 pts)? 8. What would you predict to be the cost of Room and Board in 2025 (3 pts)? 9. What do you predict to be the cost of Tuition in 2028 (3 pts)? 10. What do you predict to be the cost of Tuition if Room and Board costs $8000 (3 pts)?