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he table contains data and data for corn. Find a linear regression model for the data where x is supply​ (in billions of​ bushels) and y is price​ (in dollars). Do the same for the data. Find the equilibrium price for corn

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Parrain

Based on the given data for corn, the linear regression model can be found to be y = 0.22x + 0.69.

What is the linear regression model?

The linear regression model will take the form:

y = mx + c

Using the given table, m can be found to be:
= Sp / SSx

c can then be found as:

= y - m × x

Given the values of x, SSx can be found to be:

= 2.25276

And Sp can be found to be:

= 0.556

This means that the value of m is:
= 0.556 / 2.5276

= 0.22

c is:

= 2.59 - 0.22 x 8.29

= 0.69

The linear regression model is therefore:
y = 0.22x + 0.69

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