Concept explainers
Prices of recycled materials. Prices of recycled materials (e.g., plastics, paper, and glass) are highly volatile due to the fact that supply is constant, rather than tied to demand. An exploratory study of the prices of recycled products in the United Kingdom was published in Resources, Conservation, and Recycling (Vol. 60, 2012). The researchers employed simple linear regression to model y = the monthly price of recycled colored plastic bottles as a
ŷ = − 32.35 + 4.82x, t = 16.60(for testing H0 : β1 = 0)
r = .83,r2 = .69
Use this information to conduct the first four steps of a complete simple linear
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