You are researching memory cards for your phone, and you keep track of a random sample of prices for various size (gigabyte) SD cards.
The data is plotted for you below.
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a) Use technology to find the equation of the best-fit line. Let x represent gigabytes, and let y represent price. Remember to start your equation with "y=".
b) In your equation, what is the slope?
Use the units to interpret the slope in context. (Remember slope is rise/run.)
Helpful phrase: “y per x”
c) What would the best-fit line predict for the price of a 16 GB memory card? dollars
d) Look at the data table. What is the price of a 16 GB memory card in this data set? dollars
e) Calculate how far your prediction in part (b) was off. (This “error” is called a residual. It is calculated as the actual value (part d) minus the predicted value (part c).)
Residual: dollars