I JUST NEED ANSWER FOR PART E,F, G The table below shows corresponding values of

Question

I JUST NEED ANSWER FOR PART E,F, G

The table below shows corresponding values of the Consumer Price Index (CPI) and subway fares in New York City. Complete the tasks listed after the table to perform a regression analysis of this data. x, CPI y, subway fare

a. Construct a scatterplot. Is there a possible linear trend?

b. Calculate the value of the Pearson's linear correlation coeffient.

c. Conduct a formal hypothesis test on r. d. How much of the variation in subway fares is explained by the least-squares regression line?

e. Write the least squares regression equation.

f. Interpret the slope of the regression equation.

g. The current CPI is 238.65. Use the regression equation to determine what subway fare you might expect to pay if you visited New York City.

Explanation / Answer

Using Minitab,

Regression Analysis: SUBWAY FARE versus CPI

Analysis of Variance

Source DF Adj SS Adj MS F-Value P-Value
Regression 1 2.3897 2.38967 88.99 0.001
CPI 1 2.3897 2.38967 88.99 0.001
Error 4 0.1074 0.02685
Total 5 2.4971

Coefficients

Term Coef SE Coef T-Value P-Value VIF
Constant -0.124 0.142 -0.87 0.431
CPI 0.00955 0.00101 9.43 0.001 1.00

Regression Equation

SUBWAY FARE = -0.124 + 0.00955 CPI

The least square regression equation is,

SUBWAY FARE = -0.124 + 0.00955 * CPI

Interpritation of slope- When CPI changes with 1 unit then SUBWAY FARE changes with 0.00955 unit.

Now, given CPI =238.65

SUBWAY FARE = -0.124 + 0.00955 * CPI

SUBWAY FARE = -0.124 + 0.00955 * 238.65

SUBWAY FARE = 2.16

At CPI 238.65 the expected SUBWAY FARE paid is 2.16

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