Need help with question 3. Here is the data associated with them: Destination Di

Question

Need help with question 3. Here is the data associated with them:

Destination Distance (Miles) Observed Cost (Dollars) Predicted Cost (Dollars) Residuals Orlando, FL 2079 $571 $479 $92 San Diego, CA 1263 $437 $407 $30 Las Vegas, NV 934 $464 $426 $38 New York City, NY 1837 $669 $633 $36 Honolulu, HI 3363 $1,341 $1,238 $103 Seattle, WA 1049 $494 $420 $74 London, England 4471 $2,402 $2,401 $1 Cancun, Mexico 3075 $691 $691 $0 Paris, France 4674 $3,193 $3,193 $0 Toronto, Canada 1567 $987 $793 $194 Tokyo, Japan 5570 $2,331 $2,314 $17 Portland, OR 1122 $646 $626 $20

Explanation / Answer

The regression line is

Cost= -249.069+0.534*Distance

This means

The slope is 0.534, so it suggests that with increase of 1 Mile distance the cost will go up by $0.534

The intercept doesn't have any practical meaning as distance cannot be zero

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