Remainder Round all answers to two decimal places unless otherwise indicated.
Domestic Auto Sales in the United States For 2005 through 2008, the following table shows the total U.S. sales, in millions, of domestic automobiles (excluding light trucks).
Date | Domestic cars sold |
2005 | 5.53 |
2006 | 5.48 |
2007 | 5.25 |
2008 | 4.54 |
Get the equation of the regression line (rounding parameters to two decimal places), and explain in practical terms the meaning of the slope. In particular, comment on the meaning of the sign of the slope.
Plot the data points and the regression line.
In 2009, 3.62 million domestic cars were sold in the United States. How does the forecast obtained from the regression line compare with this figure?
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Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
- XYZ Corporation Stock Prices The following table shows the average stock price, in dollars, of XYZ Corporation in the given month. Month Stock price January 2011 43.71 February 2011 44.22 March 2011 44.44 April 2011 45.17 May 2011 45.97 a. Find the equation of the regression line. Round the regression coefficients to three decimal places. b. Plot the data points and the regression line. c. Explain in practical terms the meaning of the slope of the regression line. d. Based on the trend of the regression line, what do you predict the stock price to be in January 2012? January 2013?arrow_forwardDemand for Candy Bars In this problem you will determine a linear demand equation that describes the demand for candy bars in your class. Survey your classmates to determine what price they would be willing to pay for a candy bar. Your survey form might look like the sample to the left. a Make a table of the number of respondents who answered yes at each price level. b Make a scatter plot of your data. c Find and graph the regression line y=mp+b, which gives the number of respondents y who would buy a candy bar if the price were p cents. This is the demand equation. Why is the slope m negative? d What is the p-intercept of the demand equation? What does this intercept tell you about pricing candy bars? Would you buy a candy bar from the vending machine in the hallway if the price is as indicated. Price Yes or No 50 75 1.00 1.25 1.50 1.75 2.00arrow_forwardRemainder Round all answers to two decimal places unless otherwise indicated. Cell Phones The following table gives the amount spent on cellular service worldwide, in trillions of U.S. dollars. Round the regression parameters to three decimal places. Date Cellular service revenue 2011 1.01 2012 1.05 2013 1.09 2014 1.11 a.Plot the data points. b.Find the equation of the regression line and add its graph to the plotted data. c.In 2015, 1.14 trillion was spent on cellular service. If you had been a financial strategist in 2014 with only the data in the table above available, what would been your prediction for the amount spent on cellular service in 2015?arrow_forward
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- Remainder Round all answers to two decimal places unless otherwise indicated. 6. iPhone Sales The following table shows unit sales of iPhones for the given year. t= years since 2010 0 1 2 3 I= units sold millions 8.70 16.24 37.04 47.79 a.Find the equation of the regression line. b.Plot the data and the regression line on the same coordinate axes. c.How many units sold does the regression line predict for 2016? d.Use the Internet to find the number of iPhones actually sold in 2016, and compare that number with your answer to part c.arrow_forwardA regression was run to determine whether there is arelationship between the diameter of a tree (x, in inches) and the tree’s age (y, in years). Theresults of the regression are given below. Use this topredict the age of a tree with diameter 10 inches. y=ax+ba=6.301b=1.044r=0.970arrow_forward
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