Reconsider the previous two exercises and the Legos data file. The equation of the least squares line

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Reconsider the previous two exercises and the Legos data file. The equation of the least squares line turns out to be price 5 4.86 + 0.105 × pieces, and the value of r2 = 0.949. Identify which of the following interpretations are correct, which are incorrect, and which are correct but incomplete or poorly worded.
a. The Legos cost 10.50 cents per piece.
b. For each additional dollar in price, the predicted number of pieces in the set increases by about 10.50.

c. For each additional piece in the set, the predicted price increases by about 10.50 cents.
d. The price goes up 10.50 cents for each additional piece in the set.
e. The predicted price for a set with 0 pieces is $4.86.

f. The predicted price increases by $10.50 for each additional 100 pieces in the set.

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Introduction To Statistical Investigations

ISBN: 9781118172148

1st Edition

Authors: Beth L.Chance, George W.Cobb, Allan J.Rossman Nathan Tintle, Todd Swanson Soma Roy

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