I need help with number 4 Use the scatter plot below for 34

Use the scatter plot below for 3-4. Gasoline Cost per Gallon What is the line of best fit? What does the slope and y-intercept mean?

Solution

4 )

Suppose the regression equation is

Y = 12 + 15X , so the slope is 15 and the intercept is 12

Interpretation : Slope : This means that for every unit change in X , the value of Y changes by 15 units. So if X increase by 1 unit , Y would increase by 15 units

Intercept : The value of Y , when X is zero. So if you put X = 0 in the above equation we get Y = 12