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1. Problem: If a car driven 50,000 miles, how much would be the maintenance cost? 2. Use Linear Regression equation to find the maintenance cost. Show step by step calculations. 3. Also, calculate r^2 for the above model. Show step by step calculations.

1. Problem: If a car driven 50,000 miles, how much would be the maintenance cost? 2. Use Linear Regression equation to find the maintenance cost. Show step by step calculations. 3. Also, calculate r^2 for the above model. Show step by step calculations.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1. Problem: If a car driven 50,000 miles, how much would be the maintenance cost?

2. Use Linear Regression equation to find the maintenance cost. Show step by step calculations.

3. Also, calculate r^2 for the above model. Show step by step calculations.

Exercise-1: Given: Maintenance expenses of 5 different cars for corresponding recorded miles. Car Index No: Miles (X) Maintenance (Y) 1 80,000 29,000 53,000 13,000 45627 3 45,000 50,000 $1200 $150 $650 $200 $325 ?
Transcribed Image Text:Exercise-1: Given: Maintenance expenses of 5 different cars for corresponding recorded miles. Car Index No: Miles (X) Maintenance (Y) 1 80,000 29,000 53,000 13,000 45627 3 45,000 50,000 $1200 $150 $650 $200 $325 ?
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