market researchers were interested in the relationship between the number of pieces in a brick - building…

market researchers were interested in the relationship between the number of pieces in a brick - building set and the cost of the set. information was collected from a survey and was used to obtain the regression equation $hat{y}=0.08x + 1.20$, where $x$ represents the number of pieces in a set and $hat{y}$ is the predicted price (in dollars) of a set. what is the predicted price of a set that has 500 pieces?\n$40\n$41.20\n$600\n$6,235

market researchers were interested in the relationship between the number of pieces in a brick - building set and the cost of the set. information was collected from a survey and was used to obtain the regression equation $hat{y}=0.08x + 1.20$, where $x$ represents the number of pieces in a set and $hat{y}$ is the predicted price (in dollars) of a set. what is the predicted price of a set that has 500 pieces?\n$40\n$41.20\n$600\n$6,235

Answer

Explanation:

Step1: Substitute value of x

Given regression equation $\hat{y}=0.08x + 1.20$, substitute $x = 500$. $\hat{y}=0.08\times500+1.20$

Step2: Calculate the product

$0.08\times500 = 40$. So, $\hat{y}=40 + 1.20$

Step3: Calculate the sum

$40+1.20=41.20$

Answer:

$41.20$ (corresponding to the option $$41.20$)