Question

You research the average cost of whole milk for several recent years to look for trends. The table shows your data. What is the equation for a line of best fit? How much would you expect to pay for a gallon of whole milk in the year 2023

the chart is in the comments

Answer 1

is this a stats class?

Answer 2

no algabra 2

Answer 3

oh ok, that makes the problem a bit easier
from the table data, select smallest and largest costs
use those as 2 points to get equation of a line

Answer 4

can u type that out?

Answer 5

or wait...hmm have you done regression with your graphing calculators in class ?

Answer 6

no.... it has to do with slope intercept form... im just not sure how to get the equation

Answer 7

this is the whole question

5. You research the average cost of whole milk for several recent years to look for trends. The table shows your data. What is the equation for a line of best fit? How much would you expect to pay for a gallon of whole milk in the year 2023?


(1 point)y = 2.54x + 0.098; $4.98
y = 0.098x + 2.54; $6.16
y = 2054x + 0.098; $6.16
y = 0.098x + 2.54; $4.98

Answer 8

ok sorry not sure because it says "best fit"

slope intercept form is : y = mx + b
all you need is 2 points
use 1st and last data points --> (1998 , 2.54) and (2008, 3.72)

Answer 9

what would i do with those poiunts thats where i get stuck

Answer 10

points*

Answer 11

whenever they give years, change the x_values, set initial point as first year
so "x" represents number of years after 1998
1998 --> x=0
2008 --> x=10

(0,2.54) and (10,3.72)

find slope:
\[m = \frac{y_2 -y_1}{x_2 - x_1} = \frac{3.72 - 2.54}{10-0} = \frac{1.18}{10} = .118\]
y-intercept is always "y" value when x=0
b = 2.54

--> y = .118x +2.54

Answer 12

the regression line is:
y = .102x +2.5


i don't know how they got a slope .098 ??

Answer 13

since this is easy multiple choice though....answer is clearly option D

Answer 14

It wasnt D it was C. You had it right the first time.