The explanatory variable is the number of pieces, and the response variable is the listed price (in US dollars) of Star Wars-themed Lego sets. There's a significant positive linear relationship.
In the given information, the explanatory variable is the number of pieces in the Lego set, and the response variable is the listed price of the Lego set (in US dollars).
Regarding the scatterplot and the information provided:
- *Relationship Description:
The scatterplot shows a positive linear relationship between the number of pieces in a Star Wars-themed Lego set and its listed price. As the number of pieces increases, the price of the set tends to increase. The relationship appears to be moderately strong.
- Coefficients and Statistical Significance:
- The coefficient for the "pieces" variable is 10.666. This implies that, on average, for each additional piece in the Lego set, the listed price increases by approximately 10.666 US dollars.
- The intercept (constant term) is 0.288.
- The p-value associated with the "pieces" variable is less than 0.001, indicating that the relationship is statistically significant.
- t Value and Significance:
- The t value for the "pieces" variable is 10.666, and the associated p-value is less than 0.001. This suggests that the relationship between the number of pieces and the listed price is highly significant.
- Overall Fit:
- The model seems to fit the data well, as indicated by the low p-value and the high t value for the "pieces" variable.
In summary, the analysis suggests a statistically significant positive linear relationship between the number of pieces in a Star Wars-themed Lego set and its listed price. As the number of pieces increases, the price tends to rise, and the model appears to provide a good fit to the data.