Problem 21
Page 672
Section: PRACTICE
Chapter 12: LINEAR REGRESSION AND CORRELATION
Given information
Given that, a random sample of ten professional athletes produced the following data where x is the number of endorsements the player has and y is the amount of money made (in millions of dollars).
Then by using regression we have to find the equation for the line of best fit.
Step-by-step explanation
The formula for the best-fitting line (or regression line) is , where m is the slope of the line and b is the y-intercept.
The formula for the slope, m, of the best-fitting line is
where r is the correlation between X and Y, and and
are the standard deviations of the x-values and the y-values, respectively. You simply divide
by
and multiply the result by r.
The formula for the y-intercept, b, of the best-fitting line is , where
and
are the means of the x-values and the y-values, respectively, and m is the slope.
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