It appears that over the past 45 years, the number of farms in Oman declined while the average size of farms increased. The following data show five-year interval data for Oman farms. Year Number of farms (millions) Size of farms (acres) 1970 5.65 213 1975 4.65 258 1980 3.96 297 1985 3.36 340 1990 2.95 374 1995 2.52 420 2000 2.44 426 2005 2.29 441 2010 2.15 460 2015 2.07 469 2020 2.17 434 Use these data to develop the equation of a regression line to predict the average size of a farm by the number of farms. SHOW ALL THE COMPUTATION DETAILS Discuss the slope and y-intercept of the model. Construct a regression line graph and explain how could this regression equation be utilized for better decision making. Provide a reasonable estimation of the average size of farms in 2025 if the number of firms is 1.5 million and propose two measures of forecast accuracy.
It appears that over the past 45 years, the number of farms in Oman declined while the average size of farms increased. The following data show five-year interval data for Oman farms. Year Number of farms (millions) Size of farms (acres) 1970 5.65 213 1975 4.65 258 1980 3.96 297 1985 3.36 340 1990 2.95 374 1995 2.52 420 2000 2.44 426 2005 2.29 441 2010 2.15 460 2015 2.07 469 2020 2.17 434 Use these data to develop the equation of a regression line to predict the average size of a farm by the number of farms. SHOW ALL THE COMPUTATION DETAILS Discuss the slope and y-intercept of the model. Construct a regression line graph and explain how could this regression equation be utilized for better decision making. Provide a reasonable estimation of the average size of farms in 2025 if the number of firms is 1.5 million and propose two measures of forecast accuracy.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 13PPS
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It appears that over the past 45 years, the number of farms in Oman declined while the average size of farms increased. The following data show five-year interval data for Oman farms.
Year |
Number of farms (millions) |
Size of farms (acres) |
1970 |
5.65 |
213 |
1975 |
4.65 |
258 |
1980 |
3.96 |
297 |
1985 |
3.36 |
340 |
1990 |
2.95 |
374 |
1995 |
2.52 |
420 |
2000 |
2.44 |
426 |
2005 |
2.29 |
441 |
2010 |
2.15 |
460 |
2015 |
2.07 |
469 |
2020 |
2.17 |
434 |
- Use these data to develop the equation of a regression line to predict the average size of a farm by the number of farms.
SHOW ALL THE COMPUTATION DETAILS
- Discuss the slope and y-intercept of the model.
- Construct a regression line graph and explain how could this regression equation be utilized for better decision making.
- Provide a reasonable estimation of the average size of farms in 2025 if the number of firms is 1.5 million and propose two measures of forecast accuracy.
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