Question
Use the following information to answer the next two exercises. The cost of a leading liquid laundry detergent in different sizes is given in Table
Use the following information to answer the next two exercises. The cost of a leading liquid laundry detergent in different sizes is given in Table 12.31.
Size (ounces) | Cost ($) | Cost per ounce |
16 | 3.99 |
|
32 | 4.99 |
|
64 | 5.99 |
|
200 | 10.99 |
|
82.
a. Using size as the independent variable and cost as the dependent variable, draw a scatter plot.
b. Does it appear from inspection that there is a relationship between the variables? Why or why not?
c. Calculate the least-squares line. Put the equation in the form of: = a + bx
d. Find the correlation coefficient. Is it significant?
e. If the laundry detergent were sold in a 40-ounce size, find the estimated cost.
f. If the laundry detergent were sold in a 90-ounce size, find the estimated cost.
g. Does it appear that a line is the best way to fit the data? Why or why not?
h. Are there any outliers in the given data?
i. Is the least-squares line valid for predicting what a 300-ounce size of the laundry detergent would you cost? Why or why not?
j. What is the slope of the least-squares (best-fit) line? Interpret the slope.
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