A line of regression y = -1,240 + 7.07x is the best fit line for a set of data comparing airfare with 30 days notice and one-day notice. Find the best predicted cost of a ticket purchased one day in advance given that the cost of the ticket is $300 if purchased 30 days in advance of the flight.
a. $475
b. $3361
c. $881***
d. $133
To find the best predicted cost of a ticket purchased one day in advance, we substitute the value of x (one-day notice) into the given regression equation.
The equation is y = -1,240 + 7.07x
Given that the cost of the ticket is $300 if purchased 30 days in advance, we set x = 30 and y = 300.
Substituting these values into the equation, we have:
300 = -1,240 + 7.07(30)
Simplifying the equation, we get:
300 = -1,240 + 211.5
Adding 1,240 to both sides, we get:
1,540 = 211.5
Dividing both sides by 7.07, we get:
x = 218.10
Therefore, the best predicted cost of a ticket purchased one day in advance is $881 (option c).
To find the best predicted cost of a ticket purchased one day in advance, given that the cost of the ticket is $300 if purchased 30 days in advance, we can substitute the values into the equation of the regression line.
Given that:
y = -1,240 + 7.07x
where x represents the number of days in advance and y represents the cost of the ticket.
If the ticket is purchased 30 days in advance, x = 30.
Plugging this value into the equation:
y = -1,240 + 7.07(30)
y = -1,240 + 211.8
y = -1,028.2
The cost of the ticket purchased 30 days in advance is $300.
To find the cost of the ticket purchased one day in advance, x = 1.
Plugging this value into the equation:
y = -1,240 + 7.07(1)
y = -1,240 + 7.07
y = -1,232.93
Therefore, the best predicted cost of a ticket purchased one day in advance is approximately $-1,232.93.
None of the provided answer choices match this result, so it seems there may be an error in the given options.