MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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An economist conducted a study of the possible association between weekly income and weekly grocery expenditures. The particular interest was whether higher income would result in shoppers spending more on groceries. A random sample of shoppers at a local supermarket was obtained, and a questionnaire was administered asking about the weekly income of the shopper’s family and the grocery bill for that week. The gender of the shopper was also obtained. The correlation was found to be r = 0.649. The standard deviation for the grocery bills was 37.87, and for income it was 309.04. Therefore, the slope of the least-squares line is:

1) 0.694

2) 0.0795

3) 0.0021

4) 5.296

Can you also please explain what least square line is? Why is it used instead of just sticking with regression lines?

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