Answer
(a) The scatter plot is shown on the image below. Yes, the linear model is appropriate.
(b) $y=0.3309x+8.073$ (see the image).
(c) In $2005$, the estimated price of electricity is $9.73Cents/kWh$, and in $2013$ $12.37Cents/kWh$
Work Step by Step
(a) The scatter plot is displayed on the image. A linear model is appropriate for this data as it flows together, more or less, like a line.
(b) Using the data provided and a regression line calculator, we have got the following:
$m=0.3309$
$b=8.073$
And we have an equation for the regression line: $y=0.3309x+8.073$
(c) In the equation in (b), we have $x$, which is years since $2000$, and inputting the $x$ value gives us $y$ value, which is $Cents/kWh$.
In the case of $2005$, we will have $x=5$, so:
$y=0.3309 \times 5 + 8.073 = 9.7275\approx 9.73$
And in the case of $2013$, we will have $x=13$, so:
$y=0.3309 \times 13 + 8.073 = 12.3747 \approx 12.37$
