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Introductory statistics
Linear regression and correlation
Regression (textbook cost)
Regression (textbook cost)
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Names:
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).
Complete the table.
Number of pages
Cost of textbook
Which variable should be the dependent variable and which should be the independent
variable? Why?
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.
Calculate the following:
a = ______
b = ______
correlation = ______
n = ______
equation:
y = ______
Is the correlation significant? Why or why not? (Answer in complete sentences.)
Supply an answer for the following senarios:
For a textbook with 400 pages, predict the cost.
For a textbook with 600 pages, predict the cost.
Obtain the graph on your calculator or computer. Sketch the regression line.
Discussion questions
Answer each question in complete sentences.
Does the line seem to fit the data? Why?
What does the correlation imply about the relationship between the number of pages and the cost?
Are there any outliers? If so, which point(s) is an outlier?
Should the outlier, if it exists, be removed? Why or why not?
Questions & Answers
Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
can you send the book attached ?
Ariel
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
U(x,y) = (xÃy)1/2
find mu of x for y
Desalegn
this is the study of how the society manages it's scarce resources
Belonwu
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
difference between firm and industry
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?
explain standard reason why economic is a science
factors influencing supply
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
Why qualify 28 supplies
Milan
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
identify a demand and a supply curve
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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