the residual plot for a linear regression model is shown below assess the fit of the linear model and justify your answer
1 answer:
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Answer:
Stefan originally paid $120 for the bicycle and helmet.
He made $72 by selling them to Jin.
Step-by-step explanation:
Given that:
Selling price of bicycle = $176
Selling price of helmet = $16
Total price = 176+16 = $192
This is 160% of what Stefan paid originally.
Let,
x be the original amount paid by Stefan.
160% of x = 192
Dividing both sides by 1.6
Original amount paid by Stefan = $120
Profit = 192 - 120 = $72
Hence
Stefan originally paid $120 for the bicycle and helmet.
He made $72 by selling them to Jin.