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Asa calculates statistics for his company. He collected data on the number of items in an order and the profit the order made. He created the following scatterplot. If a new order has 30 items, predict the profit this order will make. To do this, use Excel to find a trendline. Then use the trendline to predict the number of dollars in profit the company can expect. Round to the nearest dollar.Number of Items Profit21 754.958 471.627 537.0517 751.6611 65923 6595 3359 57518 76410 62017 767Group of answer choices$348 in profit$350 in profit$300 in profit$322 in profit

Question

Asa calculates statistics for his company. He collected data on the number of items in an order and the profit the order made. He created the following scatterplot. If a new order has 30 items, predict the profit this order will make. To do this, use Excel to find a trendline. Then use the trendline to predict the number of dollars in profit the company can expect. Round to the nearest dollar.Number of Items Profit21 754.958 471.627 537.0517 751.6611 65923 6595 3359 57518 76410 62017 767Group of answer choices348inprofit348 in profit350 in profit300inprofit300 in profit322 in profit

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Solution

  1. Input the Data into Excel:

    • Open Excel and create a new spreadsheet.
    • Enter the data into two columns. For example:
      • Column A: Number of Items
      • Column B: Profit
    • Input the data as follows:
      A1: Number of Items
B1: Profit
A2: 21
B2: 754.95
A3: 8
B3: 471.62
A4: 27
B4: 537.05
A5: 17
B5: 751.66
A6: 11
B6: 659
A7: 23
B7: 659
A8: 5
B8: 335
A9: 9
B9: 575
A10: 18
B10: 764
A11: 10
B11: 620
A12: 17
B12: 767

  2. Create a Scatterplot:

    • Highlight the data range (A1:B12).
    • Go to the "Insert" tab.
    • Select "Scatter" from the Charts group and choose the first scatterplot option.

  3. Add a Trendline:

    • Click on any data point in the scatterplot to select the data series.
    • Right-click and choose "Add Trendline."
    • In the "Format Trendline" pane, select "Linear."
    • Check the box for "Display Equation on chart" and "Display R-squared value on chart."

  4. Find the Trendline Equation:

    • The trendline equation will be displayed on the chart in the form of y=mx+b y = mx + b , where y y is the profit, x x is the number of items, m m is the slope, and b b is the y-intercept.

  5. Use the Trendline Equation to Predict Profit:

    • Suppose the trendline equation is y=20x+100 y = 20x + 100 (this is an example; your actual equation may differ).
    • To predict the profit for an order with 30 items, substitute x=30 x = 30 into the equation: y=20(30)+100 y = 20(30) + 100 y=600+100 y = 600 + 100 y=700 y = 700

  6. Round to the Nearest Dollar:

    • If the calculated profit is 700, then the rounded profit is $700.

  7. Select the Correct Answer:

    • Based on the example equation, the profit for an order with 30 items is $700. However, you need to use the actual trendline equation from your Excel chart to find the correct profit.

Given the options:

  • $348 in profit
  • $350 in profit
  • $300 in profit
  • $322 in profit

You should select the answer that matches the profit calculated using your trendline equation.

This problem has been solved

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