estimating the cost ($K)

Question

~~2)  You are estimating the cost ($K) of optical sensors based on the radius of the sensors. Using the preliminary calculations from a data set of 8 sensors, determine the equation of the line. (Round your intermediate calculations to 3 decimal places)

ΣY = 2575     ΣX=21     ΣXY=9105     ΣX2=102
  
 
 
   Cost = - 63.277 + 111.897 (Radius)
 
   Cost = 1.908 + 307.936 (Radius)
 
   Cost = 50.040 + 190.520 (Radius)
 
   Cost = 190.520 + 50.040 (Radius)

Answer 1

This is similar to an earlier question. We calculate the means:

Ym=2575/8=321.875; Xm=21/8=2.625; XYm=1138.125; Xms=102/8=12.75.

In the linear regression equation y=mx+b, m=(XmYm-XYm)/((Xm)^2-Xms)=50.04.

b=Ym-mXm=321.875-50.04*2.625=190.52.

Therefore y=50.04x+190.52 (answer 4) where y=Cost and x=Radius.