Suppose that for a typical FedEx package delivery, the cost of the shipment is a function...

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Suppose that for a typical FedEx package delivery, the cost ofthe shipment is a function of the weight of the package. You findout that the regression equation for this relationship is (cost ofdelivery) = 0.728*(weight) + 5.49. If a package you want to shipweighs 13.753 ounces and the true cost of the shipment is $12.229,the residual is -3.273. Interpret this residual in terms of theproblem.
Question 5 options:
1)
The weight is 3.273 points less than what we would expect.
2)
The cost of delivery is 3.273 dollars greater than what wewould expect.
3)
The cost of delivery is 3.273 dollars less than what we wouldexpect.
4)
The weight is 3.273 points larger than what we wouldexpect.
5)
The cost of delivery is 12.229 dollars less than what we wouldexpect.

Answer & Explanation Solved by verified expert

3.6 Ratings (541 Votes)

Option-3) The cost of delivery is 3.273 dollars less than what we would expect.

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