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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   
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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.

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