We're doing a project. I have all my data, but I'm not sure about what this is asking for.
Use your regression equation to determine the purchase price for the 1999 Jeep Grand Cherokee. How does the predicted value, ŷ, compare to the average selling price, y, of your data? Which of the two variables is likely to be more accurate? Why?
My regression equation is
y = -0.002x + 3622.5
That's all I understand for the question.
Calculate the equation of the least squares regression line. Draw this line on your scatter plot. The point (x,y) should lie on the line. Does it? Plot and label this point.
I don't know what point (x,y) is. That's exactly how the question is worded. This is also part of the project.