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Regression and Predictions. Exercises use | Ch 10.3 - 26BSC

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 26BSC Chapter 10.3

Elementary Statistics | 12th Edition

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Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

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Problem 26BSC

Regression and Predictions. Exercises 13–28 use the same data sets as Exercises 13–28 in Section 10-2.In each case, find the regression equation, letting the first variable be the predictor (x) variable. Find the indicated predicted value by following the prediction procedure summarized in Figure 10-5.

Gas Prices Using the data from the preceding exercise, find the best predicted price for midgrade gas for a station that posted $2.78 as the price of regular gas. Is the result close to the actual price of $2.84 for midgrade gas?

Step-by-Step Solution:
Step 1 of 3

Problem 26 BSC

Answer:

Step1 of 3:

We have Exercises use the same data sets as Exercises in Section 10-2. In each case, find the regression equation, letting the first variable be the predictor (x) variable.

x

3

2.77

2.89

2.93

2.93

2.96

2.86

2.91

y

3.07

3.09

3

3.06

3.03

3.06

3.02

3.03

Step2 of 3:

We need to Find the indicated predicted value by following the prediction procedure summarized in Figure and find the best predicted price for mid-grade gas for a station that posted $2.78 as the price of regular gas. Is the result close to the actual price of $2.84 for mid-grade gas?

Step3 of 3:

Consider,

x

y

xy

3

3.07

9.21

9

2.77

3.09

8.5593

7.6729

2.89

3

8.67

8.3521

2.93

3.06

8.9658

8.5849

2.93

3.03

8.8779

8.5849

2.96

3.06

9.0576

8.7616

2.86

3.02

8.6372

8.1796

2.91

3.03

8.8173

8.4681

23.25

24.36

70.7951

= 67.6041

the equation of the regression line is given by

Where,

 a =

    =

    =

    =

    = 3.1439

And

b =

   =

   =

   =

   = -0.0340

   -0.034

Now the regression line is

The best prediction is 

                                  =

                                        = 3.045.

 

Step 2 of 3

Chapter 10.3, Problem 26BSC is Solved
Step 3 of 3

Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

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Regression and Predictions. Exercises use | Ch 10.3 - 26BSC