A researcher found the average cost of one- and two-bedroom apartments for different cities and graphed the data in a scatter plot, with costs of one-bedroom apartments along the x-axis. The variables have a strong linear correlation and the equation for the regression line is y^= 1.182x+19.096.
Based on the equation, what should the researcher expect for the average cost of a two-bedroom apartment in a city where the average cost of a one-bedroom apartment is $724?

Question

daniellelovee · Answer

@ganeshie8

daniellelovee · Answer

@pooja195

daniellelovee · Answer

@tkhunny

tkhunny · Answer

Have you considered substituting x = 724 into your equation?

daniellelovee · Answer

you have got to be kidding me -.-'

daniellelovee · Answer

but what does the ^ means on top of the y?

daniellelovee · Answer

lol i cant believe it was that simple

tkhunny · Answer

$\hat{y}$ symbolizes only that it is an approximation from the model, as opposed to $y$, which is the actual price.

daniellelovee · Answer

therefore the answer that I got by replacing is not the whole answer?

tkhunny · Answer

"Based on the equation, what should the researcher expect... "

This is the definition of $\hat{y}$.

tkhunny · Answer

Is that the specific $\hat{y}$ associated with x = 724?  If so, then you are done.

daniellelovee · Answer

alright so then that would be it just replacing thank you :)

tkhunny · Answer

If that's what it wants, then substitute, calculate, and move on!  :-)