Consider the following data set that contains information about the average price of a dozen eggs in ten randomly chosen cities: City Gas price per gallon ($) Price of a dozen eggs ($) Portland 2.26 0.95 San Diego 2.4 1.04 Milwaukee 2.53 1.13 Miami 3.09 1.21 Los Angeles 3.13 1.26 Sacramento 3.14 1.27 New York City 3.59 1.43 Kansas City 3.67 1.46 Denver 3.9 1.87 San Francisco 3.92 1.89 The scatter plot that summarizes the data with regard to price of gas as the input variable and price of a dozen eggs as the output variable is provided below. 2.22.32.42.52.62.72.82.933.13.23.33.43.53.63.73.83.940.911.11.21.31.41.51.61.71.81.9Gas Price, [$]Product Price, [$] a. Is there an association between the two variables? If yes, is it positive or negative? There appears to be a association between the two variables. b. Use technology to find the equation of the line of best fit, y=mx+by=mx+b, and the coefficient of determination and interpret the slope, the vertical intercept, and the coefficient of determination. (Round the answers to 3 decimal places.) i. m=m= is the ; ii. b=b= is the ; iii.r2=r2= hence there is a linear relation. c. Use the line of best fit to: i. estimate the price of a dozen eggs when the price of gas is 2.45 dollars per gallon. Answer: dollars. (Round the answer to 2 decimal places) ii. estimate the price of gas when the price of dozen eggs is 1.43 dollars. Answer: dollars per gallon. (Round the answer to 2 decimal places)

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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Question

Consider the following data set that contains information about the average price of a dozen eggs in ten randomly chosen cities:

City	Gas price per gallon ($)	Price of a dozen eggs ($)
Portland	2.26	0.95
San Diego	2.4	1.04
Milwaukee	2.53	1.13
Miami	3.09	1.21
Los Angeles	3.13	1.26
Sacramento	3.14	1.27
New York City	3.59	1.43
Kansas City	3.67	1.46
Denver	3.9	1.87
San Francisco	3.92	1.89

The scatter plot that summarizes the data with regard to price of gas as the input variable and price of a dozen eggs as the output variable is provided below.

2.22.32.42.52.62.72.82.933.13.23.33.43.53.63.73.83.940.911.11.21.31.41.51.61.71.81.9Gas Price, [$]Product Price, [$]

a. Is there an association between the two variables? If yes, is it positive or negative?

There appears to be a association between the two variables.

b. Use technology to find the equation of the line of best fit, y=mx+by=mx+b, and the coefficient of determination and interpret the slope, the vertical intercept, and the coefficient of determination. (Round the answers to 3 decimal places.)

i. m=m= is the ;

ii. b=b= is the ;

iii.r2=r2= hence there is a linear relation.

c. Use the line of best fit to:

i. estimate the price of a dozen eggs when the price of gas is 2.45 dollars per gallon.

Answer: dollars. (Round the answer to 2 decimal places)

ii. estimate the price of gas when the price of dozen eggs is 1.43 dollars.

Answer: dollars per gallon. (Round the answer to 2 decimal places)

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