Below is bivariate data on vintage dresser auctions, where X is the year of construction of the dresser and Yis the price sold at auction. 1790 1842 1886 1903 1819 1880 1851 Y 4500 8600 2100 1900 7500 1600 4900 a) Find the correlation coefficient (round to four decimal places) between year of construction and price sold at auction and then interpret the direction and strength of the correlation. b) Find the Least-Squares Regression Line (round to four decimal places throughout.) c) Predict the price sold at auction of a dresser made in 1865 (round to the nearest dollar.) d) If a pair of dressers differ by 30 years in year of construction, by how much would we predict their prices at auction to differ (round to nearest dollar)?
Below is bivariate data on vintage dresser auctions, where X is the year of construction of the dresser and Yis the price sold at auction. 1790 1842 1886 1903 1819 1880 1851 Y 4500 8600 2100 1900 7500 1600 4900 a) Find the correlation coefficient (round to four decimal places) between year of construction and price sold at auction and then interpret the direction and strength of the correlation. b) Find the Least-Squares Regression Line (round to four decimal places throughout.) c) Predict the price sold at auction of a dresser made in 1865 (round to the nearest dollar.) d) If a pair of dressers differ by 30 years in year of construction, by how much would we predict their prices at auction to differ (round to nearest dollar)?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 15PPS
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Question
Answer the following statistic questions.
Transcribed Image Text:Below is bivariate data on vintage dresser auctions, where X is the year of construction of the dresser
and Yis the price sold at auction.
1842
1790,
1886
1903
1819
1880
1851
Y
4500
8600
2100
1900
7500
1600
4900
a) Find the correlation coefficient (round to four decimal places) between year of construction and
price sold at auction and then interpret the direction and strength of the correlation.
b) Find the Least-Squares Regression Line (round to four decimal places throughout.)
c) Predict the price sold at auction of a dresser made in 1865 (round to the nearest dollar.)
d) If a pair of dressers differ by 30 years in year of construction, by how much would we predict
their prices at auction to differ (round to nearest dollar)?
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