7. The table shows average US retail residential prices of electricity from 2000 to 2012, measured in cents per kilowatt hour. Make a scatter plot. Is a linear model appropriate? Find and graph the regression line. Use your linear model from part (b) to estimate the average retail price of electricity in 2005 and 2013. а. b. С. Years since 2000 Cents/kWh 8.24 2 8.44 4 8.95 10.40 8 11.26 10 11.54 12 11.58

7. The table shows average US retail residential prices of electricity from 2000 to 2012, measured in cents per kilowatt hour. Make a scatter plot. Is a linear model appropriate? Find and graph the regression line. Use your linear model from part (b) to estimate the average retail price of electricity in 2005 and 2013. а. b. С. Years since 2000 Cents/kWh 8.24 2 8.44 4 8.95 10.40 8 11.26 10 11.54 12 11.58

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

7.
The table shows average US retail residential prices of electricity from 2000 to 2012, measured in cents per kilowatt
hour.
Make a scatter plot. Is a linear model appropriate?
Find and graph the regression line.
Use your linear model from part (b) to estimate the average retail price of electricity in 2005 and 2013.
а.
b.
C.
Years since 2000
Cents/kWh
8.24
2
8.44
4
8.95
10.40
8
11.26
10
11.54
12
11.58

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