The data below represents six years of the harvest of oranges in millions of boxes and the price per 75 pound box.
(a) Plot the data and calculate the regression line. Plot that line.
(b)Calculate the coefficient of determination
(c)What percent of the variation in price is explained by the size of the harvest?
(d)Calculate the residual for the last point.
(e)Predict the price if the harvest were 30 million; 60 million. Which prediction is more reliable and why?
Chart:
H= Harvest
P = Price
H 72 69 58 70 65 54
P $5.40 6.10 9.30 6.50 7.20 13.40