Use the data given below to answer the following questions).
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). $$\begin{array} { | r | r | }
\hline \text { Height ft) } & \text { Cost \$) } \
\hline 4 & 670 \
\hline 3 & 430 \
\hline 7 & 810 \
\hline 9 & 1100 \
\hline 6 & 790 \
\hline 8 & 880 \
\hline 5 & 760 \
\hline 11 & 1200 \
\hline
\end{array}$$
-What is the value of the coefficient b1?
A) 86.81704
B) 254.8371
C) 0.010697
D) -2.14625

Question

Use the data given below to answer the following questions).
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). $$\begin{array} { | r | r | } 
\hline \text { Height ft) } & \text { Cost \$) } \
\hline 4 & 670 \
\hline 3 & 430 \
\hline 7 & 810 \
\hline 9 & 1100 \
\hline 6 & 790 \
\hline 8 & 880 \
\hline 5 & 760 \
\hline 11 & 1200 \
\hline
\end{array}$$
-What is the value of the coefficient b1?
A) 86.81704
B) 254.8371
C) 0.010697
D) -2.14625

Quizplus · Accepted Answer

The coefficient b1 represents the slope in a simple linear regression, indicating the change in the dependent variable (Cost) for each unit change in the independent variable (Height). To find b1, you can use Excel's LINEST function or the slope formula. Given the data, the correct calculation results in a slope (b1) of approximately 86.81704, indicating that for each additional foot of height, the cost increases by about $86.82.

Use the Data Given Below to Answer the Following Questions)