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Regression (textbook cost)

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    Student learning outcomes

  • The student will calculate and construct the line of best fit between two variables.
  • The student will evaluate the relationship between two variables to determine if that relationship is significant.

Collect the data

Survey ten textbooks. Collect bivariate data (number of pages in a textbook, the cost of the textbook).

  1. Complete the table.
    Number of pages Cost of textbook
  2. Which variable should be the dependent variable and which should be the independent variable? Why?
  3. Graph “pages” vs. “cost.” Plot the points on the graph in Analyze the Data . Label both axes with words. Scale both axes.

Analyze the data

Enter your data into your calculator or computer. Write the linear equation, rounding to four decimal places.

  1. Calculate the following:
    1. a = ______
    2. b = ______
    3. correlation = ______
    4. n = ______
    5. equation: y = ______
    6. Is the correlation significant? Why or why not? (Answer in complete sentences.)
  2. Supply an answer for the following senarios:
    1. For a textbook with 400 pages, predict the cost.
    2. For a textbook with 600 pages, predict the cost.
  3. Obtain the graph on your calculator or computer. Sketch the regression line.
    Blank graph with vertical and horizontal axes.

    Discussion questions

  1. Answer each question in complete sentences.
    1. Does the line seem to fit the data? Why?
    2. What does the correlation imply about the relationship between the number of pages and the cost?
  2. Are there any outliers? If so, which point(s) is an outlier?
  3. Should the outlier, if it exists, be removed? Why or why not?

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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