Question:
Predict the repair cost for a boat that is ten years old:
First off, I found the linear regression equation, and the correlation coefficients:
They are y=-1.49+0.69x
Note:
I was given a table with age in years as X 4, 6, 7, 8, 9; Repair cost in 1000 of dollars for Y, 1, 2, 5, 4, 4 corresponding to X.
But, I need to predict the repair cost for the boat seeing as it is ten years old, anddo not know how to do this. Incidentally, the problem asks me to cumpute the standard error as well. Standard error between what...? That is S/Root(n) isn't it, but how do you go about that too?
Predict the repair cost for a boat that is ten years old:
First off, I found the linear regression equation, and the correlation coefficients:
They are y=-1.49+0.69x
Note:
I was given a table with age in years as X 4, 6, 7, 8, 9; Repair cost in 1000 of dollars for Y, 1, 2, 5, 4, 4 corresponding to X.
But, I need to predict the repair cost for the boat seeing as it is ten years old, anddo not know how to do this. Incidentally, the problem asks me to cumpute the standard error as well. Standard error between what...? That is S/Root(n) isn't it, but how do you go about that too?