An auto manufacturing company wishes to investigate how the price of one of its car models depreciates with age. The research department took a sample of 10 cars of this model and collected the following information on the ages (in years) and the prices (in hundreds of dollars). 6. Age, x Price, y 3 9. 3 2 6. 8. 4 99 21 94 140 30 38 41 15 37 80 Note: Ex=52 , Ey =595 , Ex = 316 , ² = 50697 , Exy =2326 %3D a) Draw a scatter plot for this data. b) Would you expect a positive or a negative relationship between the variables x and y? Explain. c) Calculate the linear correlation coefficient, r. d) Calculate the line-of-best-fit (regression line) AND add it to your scatter plot. e) Estimate the price of a 7 year old car of this model.
An auto manufacturing company wishes to investigate how the price of one of its car models depreciates with age. The research department took a sample of 10 cars of this model and collected the following information on the ages (in years) and the prices (in hundreds of dollars). 6. Age, x Price, y 3 9. 3 2 6. 8. 4 99 21 94 140 30 38 41 15 37 80 Note: Ex=52 , Ey =595 , Ex = 316 , ² = 50697 , Exy =2326 %3D a) Draw a scatter plot for this data. b) Would you expect a positive or a negative relationship between the variables x and y? Explain. c) Calculate the linear correlation coefficient, r. d) Calculate the line-of-best-fit (regression line) AND add it to your scatter plot. e) Estimate the price of a 7 year old car of this model.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
![An auto manufacturing company wishes to investigate how the price of one of its car models depreciates
with age. The research department took a sample of 10 cars of this model and collected the following
information on the ages (in years) and the prices (in hundreds of dollars).
Age, x
Price, y
3
6.
3
6.
6.
8.
6.
4
99
21
94
140
30
38
41
15
37
80
Note Σx-52, Σν-595, Σ-316 , Σν-50697, Σν -2326
a) Draw a scatter plot for this data.
b) Would you expect a positive or a negative relationship between the variables x and y? Explain.
c) Calculate the linear correlation coefficient, r.
d) Calculate the line-of-best-fit (regression line) AND add it to your scatter plot.
e) Estimate the price of a 7 year old car of this model.
10 D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38dcebef-04f7-4e4a-8a7e-347fe0faa2cc%2F489d4493-36e0-435a-9cba-f2b570c3afe5%2Fbq8jm4d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An auto manufacturing company wishes to investigate how the price of one of its car models depreciates
with age. The research department took a sample of 10 cars of this model and collected the following
information on the ages (in years) and the prices (in hundreds of dollars).
Age, x
Price, y
3
6.
3
6.
6.
8.
6.
4
99
21
94
140
30
38
41
15
37
80
Note Σx-52, Σν-595, Σ-316 , Σν-50697, Σν -2326
a) Draw a scatter plot for this data.
b) Would you expect a positive or a negative relationship between the variables x and y? Explain.
c) Calculate the linear correlation coefficient, r.
d) Calculate the line-of-best-fit (regression line) AND add it to your scatter plot.
e) Estimate the price of a 7 year old car of this model.
10 D
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