Question

Hi all i have this assignment,please help me :D
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1.The following table presents the monthly consumption (C) and income (I) of 5 families, in Jordanian Dinars:



(C) (I)

290 400
210 230
200 200
150 220
250 450


A) Plot the data;



B) Write the estimated simple regression model;



C) What is the estimated consumption when the income is 500?

Answer 1

The plotting and regression-fitting tool at this site should help you:
http://science.kennesaw.edu/~plaval/applets/LRegression.html

Using this site and entering the C and I values in a table provided, I get the best linear fit to be
C = 0.368 I + 131.524

For I = 500, this results in C = 315.5

Answer 2

I made a mistake reading the results of that Java applet that was referenced.

The constant value in that regression fit should be
b = 109.59107,
which makes the best fit
C = 0.368 I + 109.59
Fot I = 500, C = 293.6

Answer 3

thank you so much,but i need the solution i know its can be done on that site but the teacher wants to see the solution in details !

Answer 4

You will find the formulas at
http://people.hofstra.edu/Stefan_Waner/realworld/calctopic1/regression.html

The plotting of the graph is also something you will have to do yourself.