(a) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is 27.5 thousand miles? Round your answer to one or more decimal places. (b) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is 15.6 thousand miles? Round your answer to one or more decimal places.
The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of sixteen Cadets, each bought new two years ago, and each sold used within the past month. For each Cadet in the sample, we have listed both the mileage x (in thousands of miles) that the Cadet had on its odometer at the time it was sold used and the price y (in thousands of dollars) at which the Cadet was sold used. With the aim of predicting the used selling price from the number of miles driven, we might examine the least-squares regression line, Ŷ=42.39-0.52x. This line is shown in the
(The 2nd picture contains the rest of the data as it would not fit in the first pic and it includes the question as well.)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
