Question

use your calculator to find the equation of the line of best fit for the data shown in the table.
the table shows the average price of a concert ticket to one of the top 50 musical touring acts for the years 1999 - 2004. write an equation that approximates the best - fitting line for the data pairs (x, y). use the equation to predict the average price of a ticket in 2010.
round to the nearest tenth or it will be wrong.
y = ___x + ___
blank 1:
blank 2:
question 2 (1 point)
use your equation from #1 to predict the average cost of a ticket in 2010.
hint - dont plug in 2010! plug in the years since 1999
$_____
blank 1:

Explanation:

Step1: Enter data into calculator

Using a graphing calculator (like TI - 84), enter the \(x\) - values (\(0,1,2,3,4,5\)) into list \(L_1\) and the \(y\) - values (\(38.56,44.80,46.69,50.81,51.81,58.71\)) into list \(L_2\).

Step2: Perform linear regression

Use the linear regression function (\(LinReg(ax + b)\)) on the calculator. The calculator will calculate the slope \(a\) and the \(y\) - intercept \(b\).
For the given data, \(a\approx4.1\) and \(b\approx38.0\). So the equation of the line of best fit is \(y = 4.1x+38.0\).

Step3: Predict for 2010

The number of years since 1999 for 2010 is \(x = 2010 - 1999=11\).
Substitute \(x = 11\) into the equation \(y=4.1x + 38.0\).

$$y=4.1\times11+38.0=45.1+38.0 = 83.1$$

Answer:

Blank 1: \(4.1\)
Blank 2: \(38.0\)
For the prediction in 2010: \(83.1\)