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)37202933412629453422Price ($)256142217255331168209297237182 (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 numericalvalues 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 agein 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.

Solution: The independent variable (x) is Age (years) The dependent variable (y) is Price ($)

Answered: (b) What does the scatter diagram…

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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