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Different hotels in a certain area are randomly​ selected, and their ratings and prices were obtained online. Using​ technology, with x representing the ratings and y representing​ price, we find that the regression equation has a slope of 135 and a​ y-intercept of - 388.What is the equation of the regression line?

Question

Different hotels in a certain area are randomly selected, and their ratings and prices were obtained online. Using technology, with x representing the ratings and y representing price, we find that the regression equation has a slope of 135 and a y-intercept of - 388.

What is the equation of the regression line?
 
check_circleAnswer
Step 1

Linear regression equation:

In a linear regression model y = b0 + b1x, where y be the response variable and x be the predictor variable. b1 be the slope and b0 be the intercept of the line.

Let the variable ratings be by denoted by x and the variable price be denoted by y.

From the given information it is known that, price (y) is response variable and ratings (x) predictor variable.

Therefore, price can be predicted using ratings.

Step 2

Obtain the regression equation of the variables price (y) and ratings (x):

Here, the slope of the regression equation is 135 and the y-intercept is –388.

That is, b0 = –388 and ...

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