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A lazy employee at an off-campus second-hand bookstore has decided that, rather than go searching through the book to find the correct price, he will start pricing the books in relation to how thick they actually are. A sample of 10 books, ranging in thickness from 1 cm to 6 cm, gave the following results for thickness (x, in cm) and price (y, in $): Sxy= 87, Sxx = 24, Syy = 358.9, Ex 30, and Ey = 261. What is the predicted price of a textbook that is 4 cm thick? O $33.35

A lazy employee at an off-campus second-hand bookstore has decided that, rather than go searching through the book to find the correct price, he will start pricing the books in relation to how thick they actually are. A sample of 10 books, ranging in thickness from 1 cm to 6 cm, gave the following results for thickness (x, in cm) and price (y, in $): Sxy= 87, Sxx = 24, Syy = 358.9, Ex 30, and Ey = 261. What is the predicted price of a textbook that is 4 cm thick? O $33.35

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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**Predictive Pricing Model for Textbooks Based on Thickness** An insightful approach has been adopted by an off-campus second-hand bookstore to streamline the pricing process for textbooks. Rather than manually searching through each book to find the correct price, the bookstore will price the books based on their thickness. To establish this predictive model, a sample of 10 books with varying thicknesses (ranging from 1 cm to 6 cm) was analyzed. The data collected included the thickness of each book (x, in cm), and the corresponding price (y, in dollars). Here are the statistical measures derived from the sample: - Sum of the product of deviations \(S_{XY}\): 87 - Sum of squared deviations for thickness \(S_{XX}\): 24 - Sum of squared deviations for price \(S_{YY}\): 358.9 - Sum of thicknesses \(\Sigma x\): 30 - Sum of prices \(\Sigma y\): 261 Using this data, we can calculate the predicted price of a textbook with a thickness of 4 cm using the linear regression equation \(y = mx + b\), where: - \(m\) (slope) is calculated using \(m = \frac{S_{XY}}{S_{XX}}\) - \(b\) (intercept) is calculated using \(\bar{y} - m\bar{x}\), where \(\bar{y}\) is the mean price, and \(\bar{x}\) is the mean thickness Given the options for the price of a 4 cm thick book: - $33.35 - $22.48 - $29.73 - $18.85 - $26.10 **Question 4:** *Which of the following is true?* Options are not provided in the image for Question 4, hence the correct answer cannot be determined from the given information.
Transcribed Image Text:**Predictive Pricing Model for Textbooks Based on Thickness** An insightful approach has been adopted by an off-campus second-hand bookstore to streamline the pricing process for textbooks. Rather than manually searching through each book to find the correct price, the bookstore will price the books based on their thickness. To establish this predictive model, a sample of 10 books with varying thicknesses (ranging from 1 cm to 6 cm) was analyzed. The data collected included the thickness of each book (x, in cm), and the corresponding price (y, in dollars). Here are the statistical measures derived from the sample: - Sum of the product of deviations \(S_{XY}\): 87 - Sum of squared deviations for thickness \(S_{XX}\): 24 - Sum of squared deviations for price \(S_{YY}\): 358.9 - Sum of thicknesses \(\Sigma x\): 30 - Sum of prices \(\Sigma y\): 261 Using this data, we can calculate the predicted price of a textbook with a thickness of 4 cm using the linear regression equation \(y = mx + b\), where: - \(m\) (slope) is calculated using \(m = \frac{S_{XY}}{S_{XX}}\) - \(b\) (intercept) is calculated using \(\bar{y} - m\bar{x}\), where \(\bar{y}\) is the mean price, and \(\bar{x}\) is the mean thickness Given the options for the price of a 4 cm thick book: - $33.35 - $22.48 - $29.73 - $18.85 - $26.10 **Question 4:** *Which of the following is true?* Options are not provided in the image for Question 4, hence the correct answer cannot be determined from the given information.
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