1. The problem is to understand and apply the simple linear regression formula. 2. The simple linear regression formula is given by: $$y = mx + b$$ where $m$ is the slope of the line and $b$ is the y-intercept. 3. Important rules: - The slope $m$ represents the change in $y$ for a one-unit change in $x$. - The intercept $b$ is the value of $y$ when $x=0$. 4. To find $m$ and $b$, use the formulas: $$m = \frac{n\sum xy - \sum x \sum y}{n\sum x^2 - (\sum x)^2}$$ $$b = \frac{\sum y - m \sum x}{n}$$ where $n$ is the number of data points. 5. After calculating $m$ and $b$, substitute them back into the formula $y = mx + b$ to get the regression line. This formula helps predict $y$ values based on $x$ values using a straight line that best fits the data.