Data were recorded for 117 months on a household's gas bill (in dollars) and the average monthly temperatures for its neighborhood. The mean monthly temperature was 48.7°F with a standard deviation of 20.6. The mean gas bill price was $81.20 with a standard deviation of 66.5. The correlation coefficient between monthly temperature and gas bill price is -0.92.
Determine the correct value of the slope for the linear model that predicts gas bill price from monthly
temperature and interpret it in context.
◦ The slope is -0.28. For every one degree increase in monthly temperature, the gas bill price is predicted to decrease by $0.28.
◦ The slope is -2.97. For every one degree increase in monthly temperature, the gas bill price is predicted to decrease by $2.97.
◦ The slope is -2.97. For every one dollar increase in gas bill price, the monthly temperature is predicted to decrease by 2.97°.
◦ The slope is -0.28. For every one dollar increase in gas bill price, the monthly temperature is predicted to decrease by 0.28°.
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