Moore and McCabe (1999, p. 174) report prices paid for several species of seafood in 1970 and 1980. These values are in Table 11.6. If we were interested in trying to predict 1980 seafood prices from 1970 prices, a linear regression model might be used.
a. Find the least-squares regression coefficients for predicting 1980 prices from 1970 prices.
b. If an additional species sold for 21.4 in 1970, what would you predict for the 1980 selling price?
c. What is the M.S.E. for predicting the 1980 price of a species that sold for 21.4 in 1970?
Table 11.6 Fish prices in 1970 and 1980 for Exercise 18

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1970 1980 1970 1980 13.1 15.3 25.8 27.3 42.4 38.7 4.5 23 26.7 47.5 6.6 94.7 80.1 150.7 20.3 189.7 1.8 11 131.3 4.9 55.4 166.3135.6 404.2 39.3 109.7 47.6 149