The Worldwide Cost of Living Survey City Rankings determine the cost of living in the most expensive cities in the world as an index. This index scales New York City as 100 and expresses the cost of living in other cities as a percentage of the New York cost. For example, in 2007, the cost of living index in Tokyo was 122.1, which means that it was 22% higher than New York. The scatterplot shows the index for 2013 plotted against the 2007 index for the 15 most expensive cities of 2007.
a) Describe the association between cost of living indices in 2007 and 2013.
b) The R2 for the regression equation is 0.070. Interpret the value of R2.
c) Find the correlation.
d) Using the data provided, find the least squares ft of the 2013 index to the 2007 index.
e) Predict the 2013 cost of living index of Moscow and find its residual.

  • CreatedMay 14, 2015
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