Use this regression equation to predict the value

Posted on 2013-10-16 16:11:00 in Statistics by BARBARA_QUEEN

In aerospace and defense industry, some cost estimators predict the cost of new space projects by using mathematical models that take the form

                                    ? = ?₀ x^?1 ?

These cost estimators often use the weight of the object being sent into space as the predictor (x) and the cost of the object as the dependent variable (?). Quite often ?₁ turns out to be a value between 0 and 1, resulting in the predicted value of ? equaling some root of x. Use the sample cost data given here to develop a cost regression model in the form just shown to determine the equation for the predicted value of ?. Use this regression equation to predict the value of ? for x = 3,000.

                        ? (cost in billions)                    x(weight in tons)

                                    1.2                                           450

                                    9.0                                           20,200

                                    4.5                                           9,060

                                    3.2                                           3,500

                                    13.0                                         75,600

                                    0.6                                           175

                                    1.8                                           800

                                    2.7                                           2,100

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