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Statistics - Probability of Business Failures

The following data represent x = the total number of business and y = the number of business failures in mountain states over a 1-year period.

x = Number of y = Number of
State businesses business failures

Arizona 146.672 1090
Colorado 156891 2091
Idaho 46787 312
Montana 43961 191
Nevada 38593 255
New Mexico 55334 319
Utah 58156 372
Wyoming 26383 178

a. Draw a scatter diagram representing these data.
b. Using the "eyeball" method, fit a straight line to the data.
c. Does there appear to be any relationship between the variables? If so, is the relationship direct or inverse?

Solution Summary

A complete, neat and step-by-step solution regarding probability of business failures is provided in the attached file.