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
Use eight members of your class for the sample. Collect bivariate data (distance an individual lives
from school, the cost of supplies for the current term).
Complete the table.
Distance from school
Cost of supplies this term
Which variable should be the dependent variable and which should be the independent
variable? Why?
Graph “distance” vs. “cost.” Plot the points on the graph. 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:
ŷ = ______
Is the correlation significant? Why or why not? (Answer in one to three complete sentences.)
Supply an answer for the following senarios:
For a person who lives eight miles from campus, predict the total cost of supplies this term:
For a person who lives eighty miles from campus, predict the total cost of supplies this term:
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 distance and the cost?
Are there any outliers? If so, which point 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.
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?
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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