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The price of lumber is typically a nonlinear distribution. Here are the current prices at a popular home improvement store for 2” x 4” lumber in different lengths.
length – feet
Create a scatterplot using this data. Place the explanatory variable on the horizontal axis and response variable on the vertical axis. Be sure to label the axes and scale.
Determine the exponential regression model for this data. Write the results below:
Determine the quadratic regression model for this data. Write the result below:
Use the regression models to make a price chart for some non-standard lengths of 2” x 4” lumber.
Length – feet
Exponential Regression Price
Quadratic Regression Price
Write a brief paragraph comparing and contrasting the two regression models. Why do you think the regression model for lumber price is best represented in a nonlinear distribution?
Your project will be graded based on the following rubric: