Explore BrainMass
Share

Least Squares and Scatterplot

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

See attached file. Description is in attachment

Sketch a scatterplot data

Let s represent salary and let t represent year. The least squares regression
line that best fits this sata set is s = 13.199t- 25,812. Sketch this line on
the graph with the scatterplot and describe what you see.

Compare this line with the line given in Example 6.2. What value for
salary do you get from each of the lines if you substitute the value 2001
for the variable t, and what do those values tell you?

© BrainMass Inc. brainmass.com October 16, 2018, 10:56 pm ad1c9bdddf
https://brainmass.com/math/graphs-and-functions/least-squares-scatterplot-239475

Attachments

Solution Preview

Hi,

Please find the solution/explanation attached herewith.

The following table gives the median weekly earnings of full-time wage and salary workers 25 years and older who have had one to three years of college.

Year Salary($)
1980 304
1982 351
1984 382
1986 409
1988 430
1990 476
1992 485
1994 499
1995 508
1996 518
1997 535
1998 558
1999 580
2000 598

A) Sketch a scatter-plot ...

Solution Summary

This provides examples of working with data including a least squares regression and scatterplot.

$2.19
Similar Posting

Regression Analysis: Scatter plot, least squares regression line, predict monthly rent

See attached file.

Please show all working in same excel file.

A real estate company in downtown Miami would like to be able to predict the monthly rental cost for apartments, based on the size of the apartment, as defined by square footage. A sample of 25 apartments in a particular residential neighborhood was chosen.

Q-2a: Construct a scatter plot of rent/size.

Q-2b: Find the equation of the least squares regression line that models the relationship between square footage and rental amount and interpret the meaning of the coefficients.

Q-2c: Predict the monthly rent for an apartment with 1000 square feet.

Q-2d: Explain why it would not be appropriate to use the model to predict the monthly rent for apartments that have 500 square feet.

Q-2e: You are considering signing a lease for an apartment in this residential neighborhood. You are deciding between two apartments, one with 1,000 square feet that rents for $1,275 and the other with 1,200 square fee that rents for $1,425. Which is a better deal? Explain.

View Full Posting Details