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Size (ounces) Cost ($) Cost per ounce 16 oz 2.99 32 oz 4.99 62 oz 5.99 200 10. Using "size" as the independent variable and "cost" as the dependent...
Size (ounces) Cost ($) Cost per ounce
16 oz 2.99
62 oz 5.99
a. Using "size" as the independent variable and "cost" as the dependent variable, draw a scatter plot.
b. Does it appear from inspection that there is a relationship between the variables? Why or why not?
c. Calculate the least-squares line. Put the equation in the form of: ŷ = a + bx
d. Find the correlation coefficient. Is it significant?
e. If the laundry detergent were sold in a 40-ounce size, find the estimated cost.
f. If the laundry detergent were sold in a 90-ounce size, find the estimated cost.
g. Does it appear that a line is the best way to fit the data? Why or why not?
h. Are there any outliers in the given data?
i. Is the least-squares line valid for predicting what a 300-ounce size of the laundry detergent would you cost? Why
or why not?
j. What is the slope of the least-squares (best-fit) line? Interpret the slope.