Based on data taken from airline fares and distances flown, it is determined that the equation of the least-squares regression line is hat y is equal to 102 point 5 0 plus 0 point 6 5 x , where start set hat y end set is the predicted fare and x is the distance, in miles. One of the flights was 350 miles and its residual was negative 105 point 0 0 What was the fare for this flight?
For a 350-mile flight, the predicted fare is 102.50 + 0.65(350) = $330.00. A residual equals the actual fare minus the predicted fare, so an actual fare with residual −$105.00 is $330.00 − $105.00 = $225.00. The fare was $225.00.
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