MHB Draw Line of Best Fit: Canada Exchange Rate US Dollar 1998-2007

  • Thread starter Thread starter Phobosdeimos
  • Start date Start date
  • Tags Tags
    Fit Lines
AI Thread Summary
The discussion centers on calculating the line of best fit for the average annual exchange rate of the US Dollar in Canada from 1998 to 2007. A user attempted to determine the slope and y-intercept but expressed uncertainty about the results. Another participant clarified that the original request was solely for a scatter plot, not for calculating a line of best fit. They emphasized the importance of understanding the difference between a scatter plot and a line of best fit. The conversation highlights the need for clarity in interpreting data visualization tasks.
Phobosdeimos
Messages
1
Reaction score
0
The average annual exchange rate in Canada for the US Dollar from 1998-2007 is shown in the following table. Draw a scatter plot, without using graphing technology

Year Exchange Rate
1998 .67
1999 .67
2000 .70
2001 .74
2002 .80
2003 .81
2004 .86
2005 .87
2006 .90
2007 .99

To determine the Slope I did the following
1998 - 2006 = -8
.67 - .90 = -.23

y= .23
Divide
x = -8

The slope of the line is - 0.02875

I then tried the y intercept
y = mx +b

.90 = - 0.02875 (2006) + b

.90 = -57.6725 + b

.90
- 57.6725 = b

b = 58.5725

This is what I came up for the y Intercept (58.5725)

Doesn't seem right to me

Please Help

Phobos
 
Mathematics news on Phys.org
Phobosdeimos said:
The average annual exchange rate in Canada for the US Dollar from 1998-2007 is shown in the following table. Draw a scatter plot, without using graphing technology

Year Exchange Rate
1998 .67
1999 .67
2000 .70
2001 .74
2002 .80
2003 .81
2004 .86
2005 .87
2006 .90
2007 .99

To determine the Slope I did the following
1998 - 2006 = -8
.67 - .90 = -.23

y= .23
Divide
x = -8

The slope of the line is - 0.02875

I then tried the y intercept
y = mx +b

.90 = - 0.02875 (2006) + b

.90 = -57.6725 + b

.90
- 57.6725 = b

b = 58.5725

This is what I came up for the y Intercept (58.5725)

Doesn't seem right to me

Please Help

Phobos

Hi Phobosdeimos,

The question tells you to draw a scatter plot according to the given data. Your slope and y-intercept is for the straight line that goes through the two points $(1998, 0.67)$ and $(2006, 0.90)$. If the points given approximately lie on a straight line you can find the best fitting straight line using linear regression as below.

Introduction to Linear Regression
 
Very interesting to read this article.I would like to thank you for the efforts you had made for writing this awesome article. This article inspired me to read more. keep it up.
<a href="https://www.excelr.com/blog/data-science/statistics-for-data-scientist/Correlation-vs-covariance">Correlation vs Covariance</a>
<a href="https://www.excelr.com/blog/data-science/regression/simple-linear-regression">Simple linear regression</a>
<a href="https://www.excelr.com/mock-interview/data-science-interview-questions">data science interview questions</a>
 
I am confused. You titled this "Line of best fit" and show how you have tried to calculate a slope and y-intercept. But the problem, at least the part you show, says nothing about any line! It asks only for a scatter plot. Do you know what that is?
https://en.wikipedia.org/wiki/Scatter_plot
 

Thread 'Non-orthogonal bases'

Suppose ,instead of the usual x,y coordinate system with an I basis vector along the x -axis and a corresponding j basis vector along the y-axis we instead have a different pair of basis vectors ,call them e and f along their respective axes. I have seen that this is an important subject in maths My question is what physical applications does such a model apply to? I am asking here because I have devoted quite a lot of time in the past to understanding convectors and the dual...
View full post »

Thread 'Fermat's Last Theorem'

Fermat's Last Theorem has long been one of the most famous mathematical problems, and is now one of the most famous theorems. It simply states that the equation $$ a^n+b^n=c^n $$ has no solutions with positive integers if ##n>2.## It was named after Pierre de Fermat (1607-1665). The problem itself stems from the book Arithmetica by Diophantus of Alexandria. It gained popularity because Fermat noted in his copy "Cubum autem in duos cubos, aut quadratoquadratum in duos quadratoquadratos, et...
View full post »

Thread 'What Exactly is Dirac’s Delta Function? - Insight'

Insights auto threads is broken atm, so I'm manually creating these for new Insight articles. In Dirac’s Principles of Quantum Mechanics published in 1930 he introduced a “convenient notation” he referred to as a “delta function” which he treated as a continuum analog to the discrete Kronecker delta. The Kronecker delta is simply the indexed components of the identity operator in matrix algebra Source: https://www.physicsforums.com/insights/what-exactly-is-diracs-delta-function/ by...
View full post »

Similar threads

Mathematica This Week's Finds in Mathematical Physics (Week 226)
Replies
7
Views
3K
Mathematica This Week's Finds in Mathematical Physics (Week 226)
Replies
7
Views
4K

Hot Threads

Recent Insights

Back
Top