A statistical program is recommended. The data below contains mileage, age, and selling price for a sample of 33 sedans. Price Mileage Age Price Mileage Age Price Mileage Age 16,998 35,000 3 11,599 95,000 8 18,998 20,000 2 17,599 16,000 3 10,499 123,000 8 12,599 63,000 7 15,998 42,000 3 14,599 54,000 5 12,599 70,000 6 15,998 61,000 4 10,599 68,000 11 10,998 88,000 10 11,599 102,000 7 16,998 40,000 4 11,998 86,000 6 13,998 109,000 4 20,998 7,000 1 12,998 60,000 6 14,998 60,000 5 11,599 81,000 9 17,599 45,000 2 11,599 88,000 9 12,599 70,000 9,998 96,000 11 12,599 58,000 8 13,599 86,000 5 9,998 60,000 11 14,998 27,000 6 11,599 92,000 7 16,998 36,000 2 15,998 32,000 4 9,599 120,000 10 17,599 45,000 2 Use the estimated regression equation that predicts the selling price of a used sedan given the mileage and age of the car to answer the following questions. (Let x₁ represent the mileage of the car, x2 represent the age of the car, and y represent the selling price of the car.) ŷ 20385.25 0.03739x1 - 686.3367x2 (a) Estimate the selling price (in $) of a five-year-old sedan with mileage of 50,000 miles. (Round your answer to the nearest dollar.) $ (b) Develop a 95% confidence interval for the selling price (in $) of a car with the data in part (a). (Round your answers to the nearest dollar.) $ to $ (c) Develop a 95% prediction interval for the selling price (in $) of a particular car having the data in part (a). (Round your answers to the nearest dollar.) $ to $
A statistical program is recommended. The data below contains mileage, age, and selling price for a sample of 33 sedans. Price Mileage Age Price Mileage Age Price Mileage Age 16,998 35,000 3 11,599 95,000 8 18,998 20,000 2 17,599 16,000 3 10,499 123,000 8 12,599 63,000 7 15,998 42,000 3 14,599 54,000 5 12,599 70,000 6 15,998 61,000 4 10,599 68,000 11 10,998 88,000 10 11,599 102,000 7 16,998 40,000 4 11,998 86,000 6 13,998 109,000 4 20,998 7,000 1 12,998 60,000 6 14,998 60,000 5 11,599 81,000 9 17,599 45,000 2 11,599 88,000 9 12,599 70,000 9,998 96,000 11 12,599 58,000 8 13,599 86,000 5 9,998 60,000 11 14,998 27,000 6 11,599 92,000 7 16,998 36,000 2 15,998 32,000 4 9,599 120,000 10 17,599 45,000 2 Use the estimated regression equation that predicts the selling price of a used sedan given the mileage and age of the car to answer the following questions. (Let x₁ represent the mileage of the car, x2 represent the age of the car, and y represent the selling price of the car.) ŷ 20385.25 0.03739x1 - 686.3367x2 (a) Estimate the selling price (in $) of a five-year-old sedan with mileage of 50,000 miles. (Round your answer to the nearest dollar.) $ (b) Develop a 95% confidence interval for the selling price (in $) of a car with the data in part (a). (Round your answers to the nearest dollar.) $ to $ (c) Develop a 95% prediction interval for the selling price (in $) of a particular car having the data in part (a). (Round your answers to the nearest dollar.) $ to $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:A statistical program is recommended.
The data below contains mileage, age, and selling price for a sample of 33 sedans.
Price
Mileage Age
Price
Mileage Age
Price
Mileage Age
16,998 35,000
3
11,599
95,000
8
18,998 20,000
2
17,599 16,000
3
10,499
123,000
8
12,599 63,000
7
15,998 42,000
3
14,599
54,000
5
12,599 70,000
6
15,998 61,000
4
10,599
68,000
11
10,998 88,000
10
11,599
102,000
7
16,998 40,000
4
11,998
86,000
6
13,998 109,000
4
20,998
7,000
1
12,998 60,000
6
14,998 60,000
5
11,599
81,000
9
17,599
45,000
2
11,599 88,000
9
12,599
70,000
9,998
96,000 11
12,599 58,000
8
13,599 86,000
5
9,998
60,000
11
14,998 27,000
6
11,599 92,000
7
16,998
36,000
2
15,998 32,000
4
9,599 120,000
10
17,599
45,000
2
Use the estimated regression equation that predicts the selling price of a used sedan given the mileage and age of the car to answer the following questions. (Let x₁ represent the mileage of the car, x2 represent the age of the car, and y represent the selling price of the car.)
ŷ 20385.25 0.03739x1 - 686.3367x2
(a) Estimate the selling price (in $) of a five-year-old sedan with mileage of 50,000 miles. (Round your answer to the nearest dollar.)
$
(b) Develop a 95% confidence interval for the selling price (in $) of a car with the data in part (a). (Round your answers to the nearest dollar.)
$
to $
(c) Develop a 95% prediction interval for the selling price (in $) of a particular car having the data in part (a). (Round your answers to the nearest dollar.)
$
to $
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