a) Find the slope estimate, b1. Use technology or the formula below to find the slope. b1=rsysx Enter x,y Data in TI-84 under STAT > STAT > CALC > 8: LinReg(a+bx) b1=1.023 b) What does b1 mean, in this context?

The slope tells how the response variable hanges for a one unit step in the predictor

Thus, an additional; $1,023 of sales associated with each additional sales

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b) Find the standard deviation of the number of nights potential customers will need.

The standard deviation is the square root of the variance.

First, Find the Variance: To do so, find the deviation of each value of X from the mean and square each deviation. The variance is the expected value of these squared deviations and is found using the formula below. σ² = Var(X) = ∑(x - µ)²P(x)

Find the deviation for each value of X. Remember that E(x)=1.1

Vacation Package | Nights Included | Probability P(X=x) | Deviation (x – E(X)) | Day Plan | 0 | 30100=0.3 | 0 – 1.1 = -1.1 | Overnight Plan | 1 | 30100=0.3 | 1 – 1.1 = -0.1 | Weekend Plan | 2 | 40100=0.4 | 2 – 1.1 = 0.9 |

Now find the variance using the formula σ²=Var(X)=∑(x - µ)²P(x)

Var(X) = ∑(x - µ)²P(x) = (-1.1)²(0.3) + (-0.1)²(0.3) + (0.9)²(0.4) = 0.69

Finally, the standard deviation also known as σ is the square root of the variance.

Σ = Var(x) = 0.69 = 0.83

Therefore, the standard deviation of the number of nights potential customers will need is approximately 0.83 nights.

17) A grocery supplier believes that in a dozen eggs, the mean number of broken eggs is 0.2 with a standard deviation of 0.1 eggs. You buy 3 dozen eggs without checking them.

a) How many broken eggs do you get?

The expected value of