Use the Given Data to Find the Equation of the Regression

question 3

Multiple Choice

Use the given data to find the equation of the regression line. Round the final values to three significant digits, if necessary.
- $\begin{array}{r|rrrr}x & 2 & 4 & 5 & 6 \\\hline y & 7 & 11 & 13 & 20\end{array}$

• A) \(\hat { y } = 0.15 + 3.0 x\)
• B) \(\hat { y } = 3.0 \mathrm { x }\)
• C) \(\hat { y } = 0.15 + 2.8 x\)
• D) \(\hat { y } = 2.8 \mathrm { x }\)

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Definitions:

Long-Run Supply

The total quantity of goods or services that a market can produce and provide over a long period, considering all relevant input adjustments.

Lowest Price

The minimum cost at which a product or service is offered in the market.

Short Run

A period of time in economics during which at least one input, usually capital, is fixed and cannot be changed.

Efficient Output

The level of production at which a company or economy can produce the maximum amount of goods and services with the least waste of resources.