(See Problem 7

question 13

Multiple Choice

(See Problem 7.) If the number of persons who attend the club meeting this week is X, then the number of people who will attend next week is 30 + 0.70X. What is a long-run equilibrium attendance for this club?

• A) 42.86
• B) 60
• C) 100
• D) 30
• E) 70

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Definitions:

Slope

In mathematics, the slope represents the steepness or angle of a line, defined as the ratio of the vertical change to the horizontal change between two points on the line.

Simple Linear Regression

A statistical method for modeling the relationship between a single independent variable and a dependent variable by fitting a linear equation to observed data.

Least Squares

A mathematical method used to determine the best-fitting line through a set of data points by minimizing the sum of the squares of the differences between observed and estimated values.

Standard Deviation

A measure of the dispersion or variability of a set of data points around the mean, indicating how spread out the data points are.