Question

2. Develop a Regression Equation for the information given that can be used to estimate the selling price (Y) based on the number of pages (X).

Book Page   Price

Introduction to Statistics 500     84

Basic Algebra   700     75

Introduction to Psychology 800     99

Introduction to Sociology 600     72

Business Management 400     69

Introduction to Biology          500     81

Fundamentals of Finance 600     63

Principles of Marketing         800     93

Answer 1

Using Minitab statistical software
Regression Analysis: Price versus Book page

The regression equation is
Price = 48.00 + 0.05143 Book page

S = 10.4129 R-Sq = 37.7% R-Sq(adj) = 27.3%

Analysis of Variance

Source DF SS MS F P
Regression 1 393.43 393.429 3.63 0.105
Error 6 650.57 108.429
Total 7 1044.00

Fitted Line: Price versus Book page