Question

Explain the meaning of a slope b = 30, where x is the production of 1...

Explain the meaning of a slope b = 30, where x is the production of 1 automobile and y is pay in dollars.

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

We can interpret the slope(b) of regression line as the average change (increase or decrease) in dependent variable(y) with the unit change (increase or decrease) in independent variable(x).

so in the given problem, independet variable x is production of 1 automobile and dependent variable y is pay in dollars and the slope of the regression line is b=30 which indicates that there is positive relationship between x and y.

Now the slope, b=30can be interpreted as there will be an increase of 30 dollars in pay when 1 more automobile is produced.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1, X Y 12 7 a. Find the regression equation. 9 4 b. Interpret the meaning...
1, X Y 12 7 a. Find the regression equation. 9 4 b. Interpret the meaning of the Y intercept bo 13 5 c. Interpret the meaning of the slope b1. 5 3 d. Predict the average value of Y for X = 6   2, Fitting a straight line to a set of data yields the following regression equation a. Find and interpret the meaning of the Y intercept b0. b. Find and interpret the meaning of the slope b1....
Let the function f be defined as f(x) = x 2 − x + 30, where...
Let the function f be defined as f(x) = x 2 − x + 30, where x is the number of widgets (in thousands) produced and f(x) is the amount (in dollars) of revenue for your company. (a) Find the average rate of change of f between x = 3 and x = 4. Give units for your answer. (b) Graph the function, the points, and the secant line between them. (c) Explain in your own words what the meaning...
The Cobb-Douglas production function for an automobile manufacturer is f(x, y) = 100x0.6y0.4, where x is...
The Cobb-Douglas production function for an automobile manufacturer is f(x, y) = 100x0.6y0.4, where x is the number of units of labor and y is the number of units of capital. Estimate the average production level if the number of units of labor x varies between 300 and 350 and the number of units of capital y varies between 375 and 400. (Round your answer to two decimal places.)
f(x) = 4x^2-5x+6 a) Find the slope in between where x=2 and x=3 b) Find the...
f(x) = 4x^2-5x+6 a) Find the slope in between where x=2 and x=3 b) Find the slope in between where x=3 and x=4 c) Find the slope in between where x=3 and x=a d) Find the slope in between where x=3 and x=3+h e) Use the answer in part c to find the slope of the line tangent to f(x) at x=3 f) Use the answer in part d to find the slope of the line tangent to f(x) at...
A firm has the production function f(X, Y) = X1/2 Y1/2 , where X is the...
A firm has the production function f(X, Y) = X1/2 Y1/2 , where X is the amount of factor x used and Y is the amount of factor y used. On a diagram we put X on the horizontal axis and Y on the vertical axis. We draw some isoquants. Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of 3. The straight line we...
The company that produces a table lamp has two production lines, A and B in its...
The company that produces a table lamp has two production lines, A and B in its factory. Suppose that the cost of producing x units of the table lamp in the production line A is (3x + 8)x dollars. The cost of producing y units of the same table lamp in the production line B is (2y + 6)y dollars. Now, the company has an order for 200 units of table lamp and plans to operate the both production lines....
Let f(x)=5+3/x a) Find f′(x) b)Find the slope of the tangent line at x=1. Slope =...
Let f(x)=5+3/x a) Find f′(x) b)Find the slope of the tangent line at x=1. Slope = f′(1)=?
(a) Write the equation in slope-intercept form. y = −(x − 5) (b) Write the equation...
(a) Write the equation in slope-intercept form. y = −(x − 5) (b) Write the equation in slope-intercept form. y + 2x = 6 A restaurant serves 80 customers per hour. (a) Write an equation that relates the number of customers C and time t. Use the slope and y-intercept to sketch the graph of each equation. (a)     y = 3x + 2 Identify the x-intercept. b)     y = − 1/5x Identify the x-intercept. (c)     y = 3/2x-6 Identify the...
Consider a function F(x,y)=(1/y,x^2) find a subset that is regular (meaning it is 1-1, and continiously...
Consider a function F(x,y)=(1/y,x^2) find a subset that is regular (meaning it is 1-1, and continiously differentiable and JF(X,Y) is not equal to 0
1. The production possibility frontier is the A. slope of the budget constraint. B. set of...
1. The production possibility frontier is the A. slope of the budget constraint. B. set of maximum achievable outputs using all available resources. C. ability to produce log cabins and other goods using locally available materials. D. idea that increasing inputs leads to a slowing of growth of outputs. 2. Average cost will be a minimum at a level of firm output that is: A. greater than where diminishing returns begin. B. where total product is at a maximum. C....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT