Question

It appears that over the past 50 years, the number of farms in the United States declined while the average size of farms increased. The following data provided by the U.S. Department of Agriculture show five-year interval data for U.S. farms. Use these data to develop the equation of a regression line to predict the average size of a farm (y) by the number of farms (x). Discuss the slope and y-intercept of the model.

Year	Number of Farms (millions)	Average Size (acres)
1960	5.64	214
1965	4.61	262
1970	3.97	300
1975	3.37	343
1980	2.92	371
1985	2.49	420
1990	2.45	427
1995	2.31	438
2000	2.14	463
2005	2.06	472
2010	2.17	432
2015	2.09	443

(Do not round the intermediate values. Round your answers to 2 decimal places.)

y^=   +(   )x

Answer 1

The given data is inputted in EXCEL, and the INSERT --> SCATTERPLOT feature in EXCEL is used to get the required scatter plot. Post that we right click and use the TRENDLINE feature to get the required regression line along with the equation given as:

Therefore the required regression equation here is:

This is the required regression equation ( rounded to 2 decimal places ) here.