(b) What does the scatter diagram developed in part (a) indicate about the relationship between age and price? O The scatter diagram indicates no apparent relationship between age and price. O The scatter diagram indicates a negative linear relationship between age and price. O The scatter diagram indicates a nonlinear relationship between age and price. ● The scatter diagram indicates a positive linear relationship between age and price. (c) Develop the least squares estimated regression equation. (Let x = age (in years), and let y = price (in $). Round your numeri values to three decimal places.) ŷ = (d) Provide an interpretation for the slope of the estimated equation. O For every additional dollar of price, the age of the wine increases by the amount of the slope. O For every additional dollar of price, the age of the wine decreases by the amount of the slope. O The slope is the ratio of the average price of the wine in dollars to the average age in years.
(b) What does the scatter diagram developed in part (a) indicate about the relationship between age and price? O The scatter diagram indicates no apparent relationship between age and price. O The scatter diagram indicates a negative linear relationship between age and price. O The scatter diagram indicates a nonlinear relationship between age and price. ● The scatter diagram indicates a positive linear relationship between age and price. (c) Develop the least squares estimated regression equation. (Let x = age (in years), and let y = price (in $). Round your numeri values to three decimal places.) ŷ = (d) Provide an interpretation for the slope of the estimated equation. O For every additional dollar of price, the age of the wine increases by the amount of the slope. O For every additional dollar of price, the age of the wine decreases by the amount of the slope. O The slope is the ratio of the average price of the wine in dollars to the average age in years.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
![For a particular red wine, the following data show the auction price for a 750-milliliter bottle and the age of the wine in June of 2016.
Age (years)
37
20
29
33
41
26
29
45
34
22
Price ($)
256
142
217
255
331
168
209
297
237
182](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ad87420-52d2-4e34-815e-eb9bcb5c95c0%2Fbf45c8c9-1f52-4ccf-920c-f0ce865caf2e%2F722v8555_processed.png&w=3840&q=75)
Transcribed Image Text:For a particular red wine, the following data show the auction price for a 750-milliliter bottle and the age of the wine in June of 2016.
Age (years)
37
20
29
33
41
26
29
45
34
22
Price ($)
256
142
217
255
331
168
209
297
237
182
![(b) What does the scatter diagram developed in part (a) indicate about the relationship between age and price?
The scatter diagram indicates no apparent relationship between age and price.
The scatter diagram indicates a negative linear relationship between age and price.
The scatter diagram indicates a nonlinear relationship between age and price.
The scatter diagram indicates a positive linear relationship between age and price.
(c) Develop the least squares estimated regression equation. (Let x = age (in years), and let y = price (in $). Round your numerical
values to three decimal places.)
(d)
ŷ =
Provide an interpretation for the slope of the estimated equation.
For every additional dollar of price, the age of the wine increases by the amount of the slope.
For every additional dollar of price, the age of the wine decreases by the amount of the slope.
The slope is the ratio of the average price of the wine in dollars to the average age
in years.
For every additional year of age, the price of the wine decreases by the amount of the slope.
For every additional year of age, the price of the wine increases by the amount of the slope.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ad87420-52d2-4e34-815e-eb9bcb5c95c0%2Fbf45c8c9-1f52-4ccf-920c-f0ce865caf2e%2F9bfmjid_processed.png&w=3840&q=75)
Transcribed Image Text:(b) What does the scatter diagram developed in part (a) indicate about the relationship between age and price?
The scatter diagram indicates no apparent relationship between age and price.
The scatter diagram indicates a negative linear relationship between age and price.
The scatter diagram indicates a nonlinear relationship between age and price.
The scatter diagram indicates a positive linear relationship between age and price.
(c) Develop the least squares estimated regression equation. (Let x = age (in years), and let y = price (in $). Round your numerical
values to three decimal places.)
(d)
ŷ =
Provide an interpretation for the slope of the estimated equation.
For every additional dollar of price, the age of the wine increases by the amount of the slope.
For every additional dollar of price, the age of the wine decreases by the amount of the slope.
The slope is the ratio of the average price of the wine in dollars to the average age
in years.
For every additional year of age, the price of the wine decreases by the amount of the slope.
For every additional year of age, the price of the wine increases by the amount of the slope.
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