Math Problem Statement
Price of eggs and milk: The following table presents the average price in dollars for a dozen eggs and a gallon of milk
for certain months in a recent year. Compute the least-squares regression line for predicting the price of milk from the
price of eggs.
Dozen Eggs Gallon of Milk
Part: 0 / 3
Part 1 of 3
Compute the least-squares regression line for predicting the price of milk from the price of eggs. Round the slope and
-intercept to at least four decimal places.
x
y
1.28 3.18
1.13 3.23
1.16 3.23
1.19 3.21
1.14 3.12
1.17 3.09
1.17 3.14
1.28 3.13
1.26 3.17
1.28 3.21
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y
Regression line equation: y =
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Linear Regression
Least-Squares Method
Formulas
Least-Squares Regression Line Formula: y = mx + b
Slope Formula: m = Σ((x - x̄)(y - ȳ)) / Σ((x - x̄)^2)
Intercept Formula: b = ȳ - m * x̄
Theorems
Least-Squares Regression Theorem
Suitable Grade Level
College Level (Introductory Statistics)
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