Asked by Shaina Lusienski on Jun 29, 2024
Verified
A random sample of 150 yachts sold in the Canada last year was taken.A regression analysis to predict the price (in thousands of dollars) from length (in metres) was completed.A linear model is appropriate.What are the units of the slope?
A) Slope is yachts per dollar.
B) Slope is metres per dollar.
C) Slope is dollars per metre.
D) Slope is metres per thousand dollars.
E) Slope is thousands of dollars per metre.
Slope
The measure of the steepness or incline of a line, calculated as the change in the y-value per unit change in the x-value.
Thousands of Dollars
A financial notation used to indicate sums of money in thousands, simplifying large numbers for ease of reading and interpretation.
- Decode the relevance of the slope and intercept in the framework of a regression line, considering the data provided.
Verified Answer
NA
nasser alnasserJul 05, 2024
Final Answer :
E
Explanation :
The slope in a regression analysis represents the change in the dependent variable (price, in thousands of dollars) for a one-unit change in the independent variable (length, in metres). Therefore, the units of the slope are "thousands of dollars per metre."
Learning Objectives
- Decode the relevance of the slope and intercept in the framework of a regression line, considering the data provided.
Related questions
One of the Important Factors Determining a Car's Fuel Efficiency ...
Ten Ford Escort Classified Ads Were Selected A) \(\hat{\text { price ...
A Random Sample of Records of Electricity Usage of Homes ...
The Relationship Between Two Quantities X and Y Is Examined ...
In a Simple Linear Regression Problem, the Following Statistics Are ...