Homework Help: Statistics

Posted by SROBSON on Sunday, April 17, 2011 at 1:50pm.

I have a take home test I am working on. Any help would be appreciated. Professor does not teach from a book so am not sure how to apply this problem to the regression equation.

Thanks in advance. Problem below.

Cell Phone Mins= 3.5*cost + 25

where cell phone mins measure the number of minutes per month and cost is the dollar amount paid for the cell phone.

A) How many cell phone minutes are estimated to be used for someone who paid $95 for the cell phone?

B) Interpret the slope coefficient as an elasticity.

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