statistics(best fit line)
posted by bryan .
I'm trying to graph a set of points with data, and I have been given the equation for the best fit line, but when I graph it, the line doesn't match up with the data. It's either too steep or too low. I think it has to do with my intervals for the x and y axes.
On the x axis, I go by intervals of .2 for every 2 boxes and on the y-axis, I go by regular intervals of 1. Is this the reason for error? It's hard to figure out what intervals I should use because I have a lot of decimals in my axis and a large range (1-30) for my y axis.
Using the best-fit line below for prediction, answer the following questions:
a) What would you predict the price of Product X in volume of 150 to be (approximately)?
b) What would you predict the price of Product X in volume of 100 to be (approximately)?