Joint Strike Fighter program. Refer to the Air & Space Power Journal (March-April 2014) study of the Joint Strike Fighter program, Exercise 11.22 (p. 655). You fit the simple linear regression model relating y = estimated annual cost to x = year of initial aircraft operation. a. Find s, the estimated standard deviation of the random error term, for the model. b. Give a practical interpretation of s.

Exercise 11.22

Joint Strike Fighter program. The Joint Strike Fighter (JSF) program, operated by the U.S. Department of Defense, is a global defense program that involves acquisition of military fighter jets for participating allied countries. An article in the Air & Space Power Journal (March-April 2014) reported on the estimated annual cost of adding a military aircraft to the JSF program. The table below lists the year of initial operation and cost (in millions of dollars) for 12 JSF military aircraft models. For this problem, let y = estimated annual cost and x = year of initial operation for each aircraft model.

a. Fit the simple linear regression model, E() = 0  1, to the data.

b. If possible, give a practical interpretation of the y-intercept of the line.

c. Give an estimate of the increase in the cost of adding a military aircraft to the JSF program each year.

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