Market researchers were interested in the relationship between the number of pieces in a brick-building set and the cost of a set. Information was collected from a survey and was used to obtain the regression equation ý = 0.08x + 1.20, where x represents the number of pieces in a set and ý is the predicted price (in dollars) of a set. Which statement best describes the meaning of the y-intercept of the regression line? %3! O When the price of a set is $0, the predicted number of pieces is 0. O'When the price of a set is $0, the predicted number of pieces is 1.20. When the number of pieces is 0, the predicted price is $1.20. This interpretation is not meaningful because a set cannot have O pieces. O When the number of pieces is 0, the predicted price is $0.08. This interpretation is not meaningful because a set cannot have 0 pieces.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.