Snoopyies, you can think this way. The instrument measure is
causally influenced by the actual amount of glucose in the blood.
But since this actual amount is reflected by the lab measure, the
lab measure is essentially identical to it.
The actual amount of glucose in the blood is (strictly speaking)
the independent variable. But the lab measure (being accurate) is
essentially the same thing.
So I agree with eagle – treat the lab measure as the independent
variable.
The actual amount of glucose in the blood will cause the change
in the laboratory reading ie there is a cause and effect
relationship and indeed it is being accurate there will be a strong
and positive linear relationship ie the product moment of
correlation coefficient, r will be close to 1. Indeed, actual
amount of glucose in the blood will be the independent variable
(cause) and the laboratory reading will be the dependent
variable (effect).
The actual amount of glucose in the blood will cause the change
in the instrument reading ie there is a cause and effect
relationship and it is being INACCURATE there will be not be a
strong but still positive linear relationship ie the product moment
of correlation coefficient, r will be less closer to 1. Also,
actual amount of glucose in the blood will be the independent
variable (cause) and the instrument reading will be the
dependent variable (effect).
However, the laboratory reading will not cause the changes
in the instrument reading ie there is not a cause and effect
relationship between the laboratory reading and the
instrument reading.
Since the question has asked to calculate an estimate for the
error in an instrument reading of 5.5, can we use the instrument
reading as the independent variable (cause) and error in reading
(the difference between the instrument reading and laboratory
reading) as the dependent variable (effect) ie there will be a
cause and effect relationship between instrument reading
(independent variable ie cause) and error in reading (dependent
variable ie effect). So, when this regression line is found, we can
substitute the instrument reading of 5.5 as the independent
variable to find an estimate error in reading for the dependent
variable.