Concept explainers
Joint Strike Fighter program. The Joint Strike Fighter (JSF) program, operated by the U.S. Department of Defense, is a global defense program that involves acquisition of military fighter jets for participating allied countries. An article in the Air & Space Power Journal (March-April 2014) reported on the estimated annual cost of adding a military aircraft to the JSF program. The table below lists the year of in initial operation and cost (in millions of dollars) for 12 JSF military aircraft models. For this problem, let y = estimated annual cost and x = year of initial operation for each aircraft model.
a. Fit the simple linear regression model, E (y) = β0 + β1x, to the data.
b. If possible, give a practical interpretation of they-intercept of the line.
c. Give an estimate of the increase in the cost of adding a military aircraft to the JSF program each year. (Hint: Practically interpret the slope of the line.)
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