Question: Reconsider the previous exercise and the Legos data file. a. Determine the equation of the least squares line for predicting price from number of pieces.

Reconsider the previous exercise and the Legos data file.
a. Determine the equation of the least squares line for predicting price from number of pieces. Report this equation using good statistical notation.
b. Interpret the value of the slope coefficient in this context.

c. Interpret the value of the intercept coefficient. Is this a context for which the value of the intercept provides relevant information? Explain.

Data from previous exercise

A colleague went to the lego.com website in February 2014 and recorded the number of pieces and the sales price for 157 Lego products listed there. The data appear in the Legos data file.

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