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)