Math Problem Statement

Given below is the per capita income, x, in dollars for certain countries and the percent of the labor force that works in service occupations, y, in a certain year. Use Rguroo to find the best fit linear regression equation. Round the slope and intercept to three decimal places.

x y

681 30

1035 25

529 34

810 40

344 32

977 32

177 9

839 29

1049 37

290 21

324 20

1242 34

238 23

1105 40

1005 42

1536 45

1361 33

1013 36

1644 33

504 28

Provide your answer below:

y =  x + 

Solution

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Math Problem Analysis

Mathematical Concepts

Linear Regression
Statistics
Algebra

Formulas

m = (n(Σxy) - (Σx)(Σy)) / (n(Σx^2) - (Σx)^2)
b = ((Σy)(Σx^2) - (Σx)(Σxy)) / (n(Σx^2) - (Σx)^2)

Theorems

Least Squares Method

Suitable Grade Level

Grades 11-12