(A) The equation of the least squares line is price = 4.86 + 0.105 X pieces, and
ID: 3171722 • Letter: #
Question
(A) The equation of the least squares line is price = 4.86 + 0.105 X pieces, and the value of r squared = 0.949. Identify which of the following interpretations are correct, which are incorrect, and which are coorect 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 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.
g.) 10.50% of the variability in prices is explained by the least squares line with number of pieces.
h.) 94.90% of the variability in prices is explained by the least sqaures line with number of pieces.
i.) 94.90% of the prices fall on the least squares line based on number of pieces.
j.) The least squares line correctly predicts the price for 94.90% of the Lego products.
(B) Reconsider the previous exercise.
a.) determine the predicted price for a product with 500 pieces.
b.) Determine the predicted price for a product with 1,500 pieces.
c.) Determine the difference between the two predictions in parts (a) and (b). Also indicate how you could have determined this value directly from the equation of the least squares line.
d.) Determine the predicted price for a product with 5,000 pieces.
e.) Do you feel very confident with this prediction in part (e)? Explain why or why not.
(C) Reconsider the previous exercises. The last product listed in the datas file has 425 pieces and a price of $49.99.
a.) Determine the predicted price for such a product.
b.) Determine the residual value for this product.
c.) Interpret what this residual value means.
d.) Does the product fall above or below the least sqaures line in the graph? Explain how you can tell, based on its residual value.
10.3.10 Reconsider the previous three exercises and the Legos data file. The equation of the least squares line turns out to be price 4.86 0.105 x 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. 10,50% of the variability in prices is explained by the least squares line with number of pieces. b. 94.90% of the variability in prices is explained by the least squares line with number of pieces. c. 94.90% of the prices fall on the least squares line based on number of pieces. d. The least squares line correctly predicts the price for e 94,90% of the Lego products 10.3.11 Reconsider the previous four exercises and the Legos data file. a. Determine the predicted price for a product with 500 pieces. b. Determine the predicted price for a product with 1,500 pieces. c. Determine the difference between the two predictions c in parts (a) and (b). Also indicate how you could have a .determined this value directly from the equation of the m least squares line d. Determine the predicted price for a product with 5,000 pieces e, Do you feel very confident with this prediction in part (e)? Explain why or why not.Explanation / Answer
A. correct
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 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.
h.) 94.90% of the variability in prices is explained by the least sqaures line with number of pieces.
i.) 94.90% of the prices fall on the least squares line based on number of pieces.
j.) The least squares line correctly predicts the price for 94.90% of the Lego products
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