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Price of eggs and milk: The following table presents the average price in dollars for a dozen eggs x and a gallon of milk y

Price of eggs and milk: The following table presents the average price in dollars for a dozen eggs

x

and a gallon of milk

y

for certain months in a recent year. Compute the least-squares regression line for predicting the price of milk from the price of eggs.

Dozen Eggs Gallon of Milk
1.69 3.12
1.77 3.08
1.50 3.07
1.53 3.01
1.50 2.99
1.63 2.98
1.63 2.98
1.60 3.05
1.71 3.03
1.77 3.11

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(a) Compute the least-squares regression line for predicting the price of milk from the price of eggs.

(b) If the price of eggs differ by

$0.30

from one month to the next by how much would you expect the price of milk to differ?

(c) Predict the price of milk in a month when the price of eggs is

$1.63

.

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