Different hotels in a certain area are randomly selected, and their ratings and prices were obtained online. Using technology, with x representing the ratings and y representing price, we find that the regression equation has a slope of 130 and a y-intercept of 350. Complete parts (a) and (b) below.
a. What is the equation of the regression line? Select the correct choice below and fill in the answer boxes to complete your choice.
A ○ C.
b. What does the symbol y represent?
A. The symbol y represents the average price of hotels in the area.
B. The symbol ý represents the amount that price increases with a 1-point increase in rating.
C) The symbol y represents the predicted value of price.
D. The symbol y represents the expected price when the hotel's rating is 0.

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ChiKesselman ChiKesselman · Answer 1 · 2019-11-25T06:45:03+01:00

Answer:

Option C) The symbol y represents the predicted value of price.

Step-by-step explanation:

We are given the following in the question:

We find a regression equation with x representing the ratings and y representing price.

The equation has a slope of 130 and a y-intercept of 350.

Comparing with the slope intercept form:

[tex]y = mx + c\\\text{where m is the slope and c is the y intercept}[/tex]

Thus, we can write the equation as:

[tex]y = 130x + 350[/tex]

Here, y is the predicted variable that is the price, c is the price of hotel when a rating of 0 is given.

Thus, symbol y represents:

C) The symbol y represents the predicted value of price.