In Exercises , do the following:
(a) Draw the scatter plot.
(b) Find the equation of the line of best fit.
(c) Interpret the meaning of the slope and the y-intercept of the model.
(d) Explain why you do or do not believe that the model would be a useful tool for businesses and/or consumers.
Per Capita income Ranking
Years since 1995 | North Carolina Per Capita Income Ranking (out of 50 states) |
0 | 42 |
1 | 34 |
2 | 32 |
3 | 28 |
4 | 28 |
Source: http://www.census.gov/statab.
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