Math Problem Statement
The table contains price dash supply data and price dash demand data for corn. Find a linear regression model for the price dash supply data where x is supply (in billions of bushels) and y is price (in dollars). Do the same for the price dash demand data. Find the equilibrium price for corn. Price left parenthesis $ divided by bu right parenthesis Supply left parenthesis billion bu right parenthesis Price left parenthesis $ divided by bu right parenthesis Demand left parenthesis billion bu right parenthesis
2.19 6.35 2.01 9.94 2.23 7.39 2.12 9.27 2.34 7.64 2.23 8.28 2.43 7.77 2.38 8.03 2.42 8.23 2.39 7.74 2.59 8.24 2.42 6.82 . . . Question content area right Part 1 Find a linear regression model for the price dash supply data where x is supply (in billions of bushels) and y is price (in dollars).
Solution
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Math Problem Analysis
Mathematical Concepts
Linear Regression
Algebra
Statistics
Formulas
Linear regression equation: y = mx + b
Slope formula: m = [n(Σxy) - (Σx)(Σy)] / [n(Σx^2) - (Σx)^2]
Intercept formula: b = [Σy - m(Σx)] / n
Theorems
Least Squares Method
Suitable Grade Level
Grades 10-12
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