The demand for lobster has grown steadily for several decades. The Maine lobster fishery is carefully controlled to protect the lobster population from over-fishing. The number of fishing licenses and the number of traps are both limited. During the years from 1974 to 2006, the price of lobster also grew, as shown in this plot.
a) Describe the increase in the Price of lobster during this period.
b) The R2 for the regression equation is 87.42%. Interpret the value of R2.
c) Find the correlation.
d) Find the linear model.
The years from 2007 to 2012 have seen a change in this pattern. Here is the scatterplot.
e) How would you suggest dealing with these new cases to model the change in prices?

  • CreatedMay 14, 2015
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