QuestionQuestion

Assume you have noted the following prices for books and the number of pages that each book contains.

Book, Pages (x), Price (y)
A 500 $7.00
B 700 7.50
C 750 9.00
D 590 6.50
E 540 7.50
F 650 7.00
G 480 4.50

a. Develop a least-squares estimated regression line. Show your work.
b. Compute the coefficient of determination using the Excel output and explain its meaning.
c. Compute the correlation coefficient between the price and the number of pages using the Excel output and explain its meaning.
d. Test to see if x and y are related using the Excel output. Use α = 0.10.

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