An LCBO employee compares the relationship between the price of 6 different vintage bottles of wine, and the number of those bottles that have been purchased in the last 3 months to see if there is a correlation between the number of bottles purchased and the price of the bottle. Number of Bottles of Wine Purchased in the Price of Wine Bottle ($) Last 3 month 44 18 93 65 82 56 25 60 15 30 20 40

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
icon
Related questions
Question
An LCBO employee compares the relationship between the price of 6 different vintage
bottles of wine, and the number of those bottles that have been purchased in the last
3 months to see if there is a correlation between the number of bottles purchased and
the price of the bottle.
Number of Bottles of
Wine Purchased in the Price of Wine Bottle ($)
Last 3 month
44
18
93
65
82
56
25
60
15
30
20
40
Transcribed Image Text:An LCBO employee compares the relationship between the price of 6 different vintage bottles of wine, and the number of those bottles that have been purchased in the last 3 months to see if there is a correlation between the number of bottles purchased and the price of the bottle. Number of Bottles of Wine Purchased in the Price of Wine Bottle ($) Last 3 month 44 18 93 65 82 56 25 60 15 30 20 40
i. Determine the equation of the line of best fit.
ŷ
E+
=x
Round answers to 3 significant digits.
=
ii. Calculate the Total Variation (SST), Explained Variation (SSR), and Unexplained
Variation (SSE).
SST =
SSR=
SSE =
Round answers to 2 decimal places.
iii. Based on your results from part (ii), calculate the coefficient of determination (R²).
R²
=
Transcribed Image Text:i. Determine the equation of the line of best fit. ŷ E+ =x Round answers to 3 significant digits. = ii. Calculate the Total Variation (SST), Explained Variation (SSR), and Unexplained Variation (SSE). SST = SSR= SSE = Round answers to 2 decimal places. iii. Based on your results from part (ii), calculate the coefficient of determination (R²). R² =
Expert Solution
steps

Step by step

Solved in 7 steps

Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL