Question: The table lists the average monthly cost to workers for family health insurance for various years. a) Use a graphing calculator to fit a regression

The table lists the average monthly cost to workers for family health insurance for various years.
a) Use a graphing calculator to fit a regression line to the data.
b) Predict the average monthly cost to workers for family health insurance in 2021, and compare the value with
$509, which is obtained using the points (1,333) and (4,381).
c) Find the correlation coefficient for the regression line, and determine whether the line fits the data closely.
The table lists the average monthly cost to
The table lets the average monthy cost to wokers for tamily health insurance lor various years: a) Use a graphing caloulator to fit a segression fine to the data. b) Predict the avorage monthy cost to workers for family hoath insurance in 2021, and compare the value with $509, which is oblained using the points (1.333) and (4.381). c) Find the correlation coeflicient for the regression ine, and deiermine whether the line fits the dala dosely. a) The linear equation of the regression line that best modols the data is y (Round to the nearest hundredth as neoded.) b) Tho average monthly cost to workers for famliy hesth insurance in 2021 is predicted to be $ (Round to tho nearost cent as noeded) Compare the above cotained value with $509. This value is $4 SER c) The cocrelation coefficiont is (Round to the nearest thousandth as neoded.) Does the regression ine fit the dala closely? A. No, the line does not fit the data fairy weil as the correlation coetliciont does not equal 1 . B. Yos, the ine fits the data faify well as the corretation coolficent is close to 1 . C. Yes, the line ess the data farty woll as the correlation coefficient is dose to 1. D. No, the line does not fit the data tairly well as the cocelation coefficient is dose to 1

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!