a. It is to use the regression equation to predict the price of a 4-year-old ambulance because the of a 4-year-old ambulance is the range of the observations in the data set. It is to use the regression equation to predict the price of a 10-year-old ambulance because the of a 10-year-old ambulance is V the range of the observations in the data set.
a. It is to use the regression equation to predict the price of a 4-year-old ambulance because the of a 4-year-old ambulance is the range of the observations in the data set. It is to use the regression equation to predict the price of a 10-year-old ambulance because the of a 10-year-old ambulance is V the range of the observations in the data set.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:The following table contains age and price data for 8 randomly selected ambulances between 1 and 7 years old. Here, x
denotes age,
in
years, and y denotes price, in hundreds of dollars. A regression was performed and the resulting
regression equation was y = 410.63-23.28x.
1
2
4
y
280
410
245
350
275
355
325
300
a. Should that regression equation be used to predict the price of a 4-year-old ambulance? A 10-year-old ambulance?
Explain your answers.
b. For which ages is use of the regression equation to predict price reasonable?
a. It is
to use the regression equation to predict the price of a 4-year-old ambulance because the
of a 4-year-old ambulance is
the range of the observations in the data set.
It is
to use the regression equation to predict the price of a 10-year-old ambulance because the
V the range of the observations in the data set.
of a 10-year-old ambulance is
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