MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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The following is a table showing the price of car insurance based on how much driving experience that an insurance holder has. Use the years of driving experience as your explanatory (independent) variable and the monthly insurance premium as your response (dependent) variable.
Years of driving experience | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
Cost of monthly insurance premium | 67 | 63 | 62 | 59 | 50 | 42 | 39 | 34 | 32 |
a) What is the least squares regression line for this bivariate dataset? (write in y=mx+b form)
b) What is the
c) Find the residual cost of someone with 5 years of driving experience (difference between predicted and observed values)
d) Interpret the y-intercept and slope of the regression line in context of the problem.
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