Use the Data Given Below to Answer the Following Question(s)

question 50

Multiple Choice

Use 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 height of walls in feet and the cost of raising them.The estimated simple linear regression equation is given as Ŷ = b0 + b1X.(Hint: Use Excel functions) .
$$\begin{array} { | r | r | } \hline \begin{array} { l } \text { Height } \\\text { (ft) }\end{array} & \text { Cost (\$) } \\\hline 4 & 670 \\\hline 3 & 430 \\\hline 7 & 810 \\\hline 9 & 1100 \\\hline 6 & 790 \\\hline 8 & 880 \\\hline 5 & 760 \\\hline 11 & 1200 \\\hline\end{array}$$
-What is the value of the coefficient b₁?

• A)86.81704
• B)254.8371
• C)0.010697
• D)-2.14625

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Definitions:

Standard Deviation

An indicator of the degree of difference or spread within a collection of numbers.

Confidence Interval

A series of numbers, derived from analyzing a sample, assumed to encircle the value of a concealed population parameter.

Credit Card Customers

Individuals or entities that have been issued a credit card by a financial institution.

Sampled

The process of selecting a subset of individuals, items, or data from a population to estimate the characteristics of the whole population.