b) Consider the data showing observations on the quantity demanded of a certain commodity depending on commodity price and consumers income. Quantity demanded Price (in Rs.) Income (in Rs.) 100 5 1000 75 7 600 80 1200 70 500 50 8. 300 65 7 400 90 5 1300 100 4 1100 110 3 1300 60 300 i) Find a linear regression equation that best fit the data. ii) Obtain the coefficient of multiple determination for the data.
b) Consider the data showing observations on the quantity demanded of a certain commodity depending on commodity price and consumers income. Quantity demanded Price (in Rs.) Income (in Rs.) 100 5 1000 75 7 600 80 1200 70 500 50 8. 300 65 7 400 90 5 1300 100 4 1100 110 3 1300 60 300 i) Find a linear regression equation that best fit the data. ii) Obtain the coefficient of multiple determination for the data.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter5: A Survey Of Other Common Functions
Section5.6: Higher-degree Polynomials And Rational Functions
Problem 1TU: The following fictitious table shows kryptonite price, in dollar per gram, t years after 2006. t=...
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Solve b
Transcribed Image Text:b) Consider the data showing observations on the quantity demanded of a certain commodity
depending on commodity price and consumers income.
Quantity demanded
Price (in Rs.)
Income (in Rs.)
100
5
1000
75
7
600
80
1200
70
500
50
300
65
7
400
90
1300
100
1100
110
3
1300
60
300
i) Find a linear regression equation that best fit the data.
(3
ii) Obtain the coefficient of multiple determination for the data.
(2
8.
4,
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