• Regression analysis is what we call our estimation of our bivariate data
• The simplest model for regression analysis is a “line of best fit” or a “trend line”
• Interpolation is our estimation of finding a new data point that lies within our known set of data points.
• Extrapolation is our estimation of a new data point that lies outside our known set of data points.
Interpolation and Extrapolation
A study took a sample of 14 cars and found the age of each car and the amount of money that each car is worth. A best fit line is given by the equation y=−2100x+27500, where y is the worth of the car in dollars and x is the age of the car in years.
A study was done on 17 factory workers on their coffee consumption and how many boxes they were able to move per hour. The results of this study are given in the graph below:
The trend line is given as: y=8x+56, with y being the number of boxes moved per hour and x being the number of coffees drunk.
Finding the Best Fitting Curve
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