Khaleesi Herbert

2020-12-27

The scatter plot below shows the average cost of a designer jacket in a sample of years between 2000 and 2015. The least squares regression line modeling this data is given by
$\hat{y}=-4815+3.765x.$
A scatterplot has a horizontal axis labeled Year from 2005 to 2015 in increments of 5 and a vertical axis labeled Price ($) from 2660 to 2780 in increments of 20. The following points are plotted: $(2003,2736),(2004,2715),(2007,2675),(2009,2719),(2013,270)$ . All coordinates are approximate.
Interpret the y-intercept of the least squares regression line. Is it feasible?
Select the correct answer below:
The y-intercept is −4815, which is not feasible because a product cannot have a negative cost.
The y-intercept is 3.765, which is not feasible because an expensive product such as a designer jacket cannot have such a low cost.
The y-intercept is −4815, which is feasible because it is the value from the regression equation.
The y-intercept is 3.765 which is feasible because a product must have a positive cost.

tabuordy

Skilled2020-12-28Added 90 answers

Step 1

Given least square regression line

Step 2

From the given regression line, it can be observed that y- intercept is -4.815. Here, -4.815 represents the cost and it shows negative. In this case, the product cannot have a negative cost. Therefore, it is not feasible. Hence, the correc option is "the y- intercept is -4.815, which is not feasible because a product cannot have a negative cost".

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