Construct a scatter plot from a given set of data and write a regression equation to predict a value not given in the data set.
Solve the following:
Consider the following data that compares the Consumer Price Index (CPI) with subway fare in a particular city.
|
CPI
|
30.2
|
48.3
|
112.3
|
162.2
|
191.9
|
197.8
|
|
Subway Fare
|
0.15
|
0.35
|
1.0
|
1.35
|
1.50
|
2.00
|
Using the given data, construct a scatter plot with CPI as the independent variable(x) and subway fare as the dependent variable (y)
Write the regression equation that predicts subway fare in terms of CPI
Using the equation found in Part b, find the best predicted cost of subway fare when the CPI is 182.5