Identify the components of simple linear regression models and discuss their applications Use the data given below to answer the following question(s).
Following is an extract from the database of a construction company. The table shows the height of walls in feet and the cost of raising them. The estimated simple linear regression equation is given as Ŷ = b0 + b1X. (Hint: Use Excel functions). $$\begin{array} { | l | l | }
\hline\begin{array} { l }
\text { Height } \
\text { (ft) }
\end{array} & \text { Cost (\$) } \
\hline 4 & 670 \
\hline 3 & 430 \
\hline 7 & 810 \
\hline 9 & 1100 \
\hline 6 & 790 \
\hline 8 & 880 \
\hline 5 & 760 \
\hline 11 & 1200 \
\hline
\end{array}$$
-What is the value of the coefficient b0?
A) -2.25321
B) 0.010697
C) 254.8371
D) 86.81704

Question

Identify the components of simple linear regression models and discuss their applications Use the data given below to answer the following question(s).
Following is an extract from the database of a construction company. The table shows the height of walls in feet and the cost of raising them. The estimated simple linear regression equation is given as Ŷ = b0 + b1X. (Hint: Use Excel functions). $$\begin{array} { | l | l | } 
\hline\begin{array} { l } 
\text { Height } \
\text { (ft) }
\end{array} & \text { Cost (\$) } \
\hline 4 & 670 \
\hline 3 & 430 \
\hline 7 & 810 \
\hline 9 & 1100 \
\hline 6 & 790 \
\hline 8 & 880 \
\hline 5 & 760 \
\hline 11 & 1200 \
\hline
\end{array}$$
-What is the value of the coefficient b0?
A) -2.25321
B) 0.010697
C) 254.8371
D) 86.81704

Quizplus · Accepted Answer

The coefficient b0, also known as the intercept, is calculated using the formula for simple linear regression. Using Excel or statistical software, the intercept b0 is found to be approximately 254.8371.

Identify the Components of Simple Linear Regression Models and Discuss