For 10 observations on price (p) and supply (S) the following data were obtained (in appropriate units) : Σp= 130, Σ S= 220, Σp* = 2,288 ; Σ S-5506 ; Σ pS = 3,467, N 10. Obtain the line of regression of S on pand estimate the supply when the price is 16 units, and find out the standard error of the estimate.

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section: Chapter Questions
Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...
icon
Related questions
Question
For 10 observations on price (p) and supply (S) the following data were
obtained (in appropriate units) :
Σp= 130, Σ S= 220, Σp*= 2,288 ; Σ S-5506 ; Σ pS= 3,467, N 10.
Obtain the line of regression of S on pand estimate the supply when the price is 16 units, and
find out the standard error of the estimate.
Transcribed Image Text:For 10 observations on price (p) and supply (S) the following data were obtained (in appropriate units) : Σp= 130, Σ S= 220, Σp*= 2,288 ; Σ S-5506 ; Σ pS= 3,467, N 10. Obtain the line of regression of S on pand estimate the supply when the price is 16 units, and find out the standard error of the estimate.
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning