Find the Least Squares Regression Line for the Points (1,0) $y = \frac { 6 } { 5 } x - \frac { 6 } { 5 }$

question 56

Multiple Choice

Find the least squares regression line for the points (1,0) , (6,6) , (11,12) .

• A) \(y = \frac { 6 } { 5 } x - \frac { 6 } { 5 }\)
• B) \(y = \frac { 6 } { 5 } x - \frac { 30 } { 133 }\)
• C) \(y = \frac { 30 } { 133 } x - \frac { 6 } { 5 }\)
• D) \(y = \frac { 30 } { 133 } x - \frac { 30 } { 133 }\)
• E)none of the above

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Definitions:

Inverse Demand Function

Represents the relationship between the price of a good and the quantity demanded, showing the maximum price consumers are willing to pay for a specific quantity.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, often defined as the percentage change in quantity demanded divided by the percentage change in price.

Grapes

Edible berries, typically growing in clusters on vines, that are used in a variety of products including wine, raisins, and fresh fruit.

Revenue-Maximizing Price

The optimal price of a good or service that maximizes the total revenue for a seller.