Question

Following is an extract from the database of a construction company. The table shows the height of walls in feet and the cost of raising them. The estimated simple linear regression equation is given as Ŷ = b0 + b1X. (Hint: Use Excel functions).

Height (ft)	Cost ($)
4	670
3	430
7	810
9	1100
6	790
8	880
5	760
11	1200

What is the estimated cost of raising a 10-inch wall?

Answer 1

Estimated cost at X=10 is

y = 254.8371+86.8170(10) = 1123.0071 = 1123