We can use the equation y=200 + .15x to figure out the funds needed to buy 1000

Question

We can use the equation y=200 + .15x to figure out the funds needed to buy 1000 head. If the average cattle weighs 500 pounds at the sale, the equation per head would be 200 +.15(500) which equals 275 dollars per head on average. This tells us that each head will cost us 200 dollars plus 15 cents per pound when it reaches the block. If the average weight holds true, the projected funds needed for the sale is 275,000 dollars.

Now what can you say about the strength of the correlation and the predictive power of the model?

Explanation / Answer

significance of a model can be tested by F test in anova table.

ho: model is not significant. v/s h1: model is significant

if p-value < 0.05, i reject ho and conclude that model is significant

R^2 tells me the % variation in depedent variable which is explained by indepdent variable. this tell me power of model.

r = sqrt(R^2). THIS tells me strenght of model. value betwen [-1,-.7] and [.7, 1] is considered to be strong linear relationshp

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