A sample of ten economics books shows the following relation

A sample of ten economics books shows the following relationship between price and length.

a.) Identify the dependent variable, Y, and independent variable, X.

b.) Compute the simple linear regression.

c.) Interpret the \"slope\" coefficient of the regression line in the context of this problem.

d.) Construct a scatter plot of the data and plot the least-square line also.
e.) Predict the price of an economic textbook of 575 pages.

f.) Compute the residual sum of squares and standard error of estimate.

Price Length (pages)
16 520
20 680
21 740
9 200
10 400
22 800
20 750
15 500
10 300
10 350

Solution

A sample of ten economics books shows the following relationship between price and length. a.) Identify the dependent variable, Y, and independent variable, X.

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