Chapter SH, Problem 4.6.2EP

To determine

To write an equation for the data and approximate the price for week 4.

Answer to Problem 4.6.2EP

  $y=26.81+0.98x$ , $31$

Explanation of Solution

Given:

The given table is-

  

Calculation:

The following is the regression line equation for the given data-

  

The regression line equation is

  $\begin{array}{l}\text{Mean x }\left(x\right):4\hfill \\ \text{Mean y }\left(y\right):31.28\hfill \\ \text{Intercept }\left(a\right):26.81\hfill \\ \text{Slope }\left(b\right):\text{ 0}.98\hfill \\ \text{Regression line equation}:y=26.81+0.98x\hfill \end{array}$

Since the mean of y is around $31$ so, the approximate data for week 4 will be $31$ .