Asked by Ethan Belka on Jul 29, 2024
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The relationship between the price of yachts (y) and their length (x) is analyzed.The mean length was 41 metres with a standard deviation of 11.The mean price was $84,000 with a standard deviation of 14,000.The correlation between the price and the length was 0.41.
A) price ^\hat{\text { price } } price ^ = 31,800 + 1270 length
B) price ^\hat{\text { price } } price ^ = 70,800 + 0.000322 length
C) price ^\hat{\text { price } } price ^ = -962,000 + 547 length
D) price ^\hat{\text { price } } price ^ = -4,040,000 + 622 length
E) price ^\hat{\text { price } } price ^ = 62,605+ 522 length
Yachts
Luxurious vessels used for personal or sporting purposes, often associated with leisure sailing or racing.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, indicating how much individual values deviate from the mean.
Correlation
A statistical measure that expresses the extent to which two variables change together, indicating a relationship but not causation.
- Comprehend the fundamentals and uses of linear regression analysis.
- Analyze the significance of regression coefficients and their effect on the outcome variable.
Verified Answer
Learning Objectives
- Comprehend the fundamentals and uses of linear regression analysis.
- Analyze the significance of regression coefficients and their effect on the outcome variable.
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