The table shows, for the years 1997-2012, the mean hourly wage for residents of the town of Pity Me and the mean weekly rent paid by the residents.
Year ---Mean weekly rent (dollars)---- Mean hourly wage (dollars)---- Year------ Mean weekly rent (dollars)----- Mean hourly wage (dollars)
1997 ---------57------------------------------------- 10.38-------------------------- 2005 --------------116 -----------------------------------28.99
1999 ---------62-------------------------------------- 11.96 -------------------------2007 ---------------112 ----------------------------------36.75
2001--------- 86 --------------------------------------17.72 -------------------------2009 ----------------90 -----------------------------------17.90
2003 --------131---------------------------------------35.24 -------------------------2011 --------------100 -----------------------------------17.97
Summary statistics yield: SSxx = 1222.2771, SSxy = 3031.7125, SSyy = 9144.9375, x = 21.2675, and y = 95.0625.
a) Find the equation of the regression line for the given data.
b) What would be the best predicted weekly rent for an individual in 2008 y= or y = Round the regression line values and mean to the nearest hundredth.
c) The decision to use y hat or the mean of y was based upon what computed value?