Question
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 |
Send data to Excel
(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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