Construct a scatter plot from a given set of data and write a regression equation to predict a value not given in the data set.
Solve the following:
Consider the following data that compares the Consumer Price Index (CPI) with subway fare in a particular city.
|
CPI
|
30.2
|
48.3
|
112.3
|
162.2
|
191.9
|
197.8
|
|
Subway Fare
|
0.15
|
0.35
|
1.0
|
1.35
|
1.50
|
2.00
|
- Using the given data, construct a scatter plot with CPI as the independent variable(x) and subway fare as the dependent variable (y)
- Write the regression equation that predicts subway fare in terms of CPI
- Using the equation found in Part b, find the best predicted cost of subway fare when the CPI is 182.5