What Is the Equation for the Regression Line If $n = 7 , \sum x = 69 , \sum y = 528 , \sum x y = 4754$

question 34

Multiple Choice

What is the equation for the regression line if $n = 7 , \sum x = 69 , \sum y = 528 , \sum x y = 4754$ , and $\sum x ^ { 2 } = 825 ?$

• A) \(y ^ { \prime } = 106.089 - 3110 x\)
• B) \(y ^ { \prime } = 109638 - 2168 x\)
• C) \(y ^ { \prime } = - 3110 + 106089 x\)
• D) \(y ^ { \prime } = - 2168 + 109.638 x\)

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Definitions:

Elasticity

Elasticity measures how responsive the quantity demanded or supplied of a good or service is to a change in one of its determinants, such as price, income, or prices of related goods.

Constant-Cost Industry

An industry where the input prices remain stable as the industry's output changes, leading to a linear supply curve because costs do not vary with the level of production.

Short Run

A period of time during which at least one input of production is fixed, limiting the ability of a firm to adjust its output levels fully.