Identify the components of simple linear regression models and discuss their applications
The following table exhibits the age of antique furniture and the corresponding prices. Use the table to answer the following question(s). (Hint: Use scatter diagram and the Excel Trendline tool where necessary). $$\begin{array} { | l | l | }
\hline \begin{array} { l }
\text { Number } \
\text { of years }
\end{array} & \begin{array} { l }
\text { Value } \
\text { (\$) }
\end{array} \
\hline 78 & 930 \
\hline 91 & 1010 \
\hline 83 & 970 \
\hline 159 & 1950 \
\hline 134 & 1610 \
\hline 210 & 2880 \
\hline 88 & 980 \
\hline 178 & 2010 \
\hline 124 & 1370 \
\hline 72 & 900 \
\hline
\end{array}$$
-What is the relationship between the age of the furniture and their values?
A) Nonlinear
B) Linear
C) Curvilinear
D) No relationship

Question

Identify the components of simple linear regression models and discuss their applications
The following table exhibits the age of antique furniture and the corresponding prices. Use the table to answer the following question(s). (Hint: Use scatter diagram and the Excel Trendline tool where necessary). $$\begin{array} { | l | l | } 
\hline \begin{array} { l } 
\text { Number } \
\text { of years }
\end{array} & \begin{array} { l } 
\text { Value } \
\text { (\$) }
\end{array} \
\hline 78 & 930 \
\hline 91 & 1010 \
\hline 83 & 970 \
\hline 159 & 1950 \
\hline 134 & 1610 \
\hline 210 & 2880 \
\hline 88 & 980 \
\hline 178 & 2010 \
\hline 124 & 1370 \
\hline 72 & 900 \
\hline
\end{array}$$
-What is the relationship between the age of the furniture and their values?
A) Nonlinear
B) Linear
C) Curvilinear
D) No relationship

Quizplus · Accepted Answer

The relationship between the age of the furniture and their values is linear, as indicated by the trend that can be observed using a scatter diagram and confirmed by fitting a linear trendline using tools like Excel.

Identify the Components of Simple Linear Regression Models and Discuss