Question 41 ptsUse the data given below to answer the following question(s).Following is an extract from the database of a construction company. The table shows the heightof walls in feet and the cost of raising them. The estimated simple linear regression equation isgiven as Ŷ = b0 + b1X. (Hint: Use Excel functions).What is the estimated cost of raising a 10-inch wall?Group of answer choices1505.7861103.578968.61091123.008
Question
Question 41 ptsUse the data given below to answer the following question(s).Following is an extract from the database of a construction company. The table shows the heightof walls in feet and the cost of raising them. The estimated simple linear regression equation isgiven as Ŷ = b0 + b1X. (Hint: Use Excel functions).What is the estimated cost of raising a 10-inch wall?Group of answer choices1505.7861103.578968.61091123.008
Solution
To estimate the cost of raising a 10-inch wall, we need to use the given simple linear regression equation Ŷ = b0 + b1X, where Ŷ represents the estimated cost and X represents the height of the wall.
Unfortunately, the table with the height and cost data is not provided, so we cannot directly calculate the regression coefficients b0 and b1. However, the question suggests using Excel functions to find the estimated cost.
To do this, you can follow these steps:
- Open Microsoft Excel and enter the height and cost data into two columns.
- Select the data and go to the "Insert" tab.
- Click on "Scatter" and choose the scatter plot with the best fit line.
- Right-click on the trendline and select "Add Trendline."
- In the "Trendline Options" menu, choose the "Linear" option.
- Check the box that says "Display Equation on Chart."
- The equation displayed on the chart will be in the form Ŷ = b0 + b1X.
- Substitute X = 10 (inches) into the equation to find the estimated cost of raising a 10-inch wall.
Based on the options provided, you can compare the calculated value with the given choices to determine the estimated cost of raising a 10-inch wall.
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