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

Question

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

Quizplus · Accepted Answer

The coefficient b₁ is calculated using the formula for the slope in simple linear regression, which is the covariance of the variables divided by the variance of the independent variable. Using the given data, b₁ is approximately 86.81704.

Use the Data Given Below to Answer the Following Question(s)