In fact the lift ticket price at Blur Knob was 40 Is this re

In fact, the lift ticket price at Blur Knob was $40. Is this relatively expensive or inexpensive for the size of the drop there. What is the size of the residual in your prediction in part (f) if the actual price was $40? Is this residual size quite a bit smaller than usual, fairly typical, or quite a bit larger than usual for this regression? The y-intercept is about 20, predicting a lift ticket price of $20 for a downhill ski resort whose slopes have a vertical drop of zero. How often would this actually be the case: never, occasionally, or frequently? If vertical drop had been measured in meters instead of feet, would the value of the correlation r increase, decrease, stay the same, or change in a way that is unforesecable?

Solution

a) 1000

b) 300

c) $30

d) $15

e) There is moderately strong relationship between vertical drop and price of lift tickets at these resorts

f) the lift ticket price for 1025 ft is

20.5809+(0.02817*1025) = $49.45