Question

Ill show a pic of my question

Answer 1

The following model represents the relationship between the years since 1995 (t) and the price of milk p(t)

`p(t)=0.06t+2.52`

Let us compare this model with the standard form

`y=mx+b`

Where m is the slope and b is the y-intercept.

Part A:

As you can see, the slope of the model is 0.06

`slope=m=0.06`

This slope represents the amount of change in the price of milk for each year.

Since the slope is positive, it means that as the number of years increases, the price of milk also increases.

The y-intercept of the model is 2.52

`y-intercept=b=2.52`

The y-intercept represents the price of milk when the number of years is 0.

This means that the price of milk was $2.52 before the year 1995.

Part B:

The correlation coefficient is 0.97968993

Since the correlation coefficient is very high (close to 1) and positive, it means that there is a strong positive correlation between the two variables (the price of milk and number of years since 1995)