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1 answer:
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Answer:
y = -0.85 + 0.09x; $49.82
Step-by-step explanation:
1. Calculate Σx, Σy, Σxy, and Σx²
The calculation is tedious but not difficult.
2. Calculate the coefficients in the regression equation
To two decimal places, the regression equation is
y = -0.85 + 0.09x
3. Prediction
If x = 563,
y = -0.85 + 0.09x = -0.85 + 0.09 × 563 = -0.85 + 50.67 = $49.82
(If we don't round the regression equation to two decimal places, the predicted value is $50.56.)