The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. Toinvestigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (PriceHub website). Clickon the datafile logo to reference the data.DATA file1.18Price ($1000s)16141210186If your answer is zero, enter "0".a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.20406,08,0100Miles (1000s)120223 +♡ ♡Miles(1000s)293647637773879210111028596868914265110Price ($1000s)16.216.013.811.512.512.911.213.011.810.88.312.511.115.012.213.015.612.78.3 b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?Negative relationshipc. Develop the estimated regression equation that could be used to predict the price ($1000s) (to 4 decimals).ŷ= 16.4 ✔ - 0.05 xd. Test for a significant relationship at the 0.05 level of significance (to 3 decimals).p-value =* less thana = 0.05.e. Did the estimated regression equation provide a good fit?Yes✔✔f. Provide an interpretation for the slope of the estimated regression equation (to 4 decimals but dollar value to the nearest cent). Enter negative values as negative numbers.The slope of the estimated regression is >. Therefore, every additional 1,000 miles on the car's odometr will result in a $* decreasein the predicted price.g. Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predict theprice for this car (round to nearest dollar).$1294Is this the price you would offer the seller?No✔

The data shows the miles and prices.d. By using the EXCEL, the p-value is obtained below: Enter the data > Data > Data Analysis > Regression > OK > select x and y ranges > Mark Labels > OK. The output is, From the output, the p-value is 0.000. Thus, the p-value is 0.000.f. From the output, the slope is -0.0588. The slope of the estimated regression equation is -0.06. Therefore, every additional 1,000 miles on the car's odometer will result in a $0.06 decrease in the predicted price.

Answered: b. What does the scatter diagram…

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 Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (PriceHub website). Click on the datafile logo to reference the data. DATA file 1. 18 Price ($1000s) 16 14 12 10 18 6 If your answer is zero, enter "0". a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis. 20 40 6,0 8,0 100 Miles (1000s) 120 223 +♡ ♡ Miles(1000s) 29 36 47 63 77 73 87 92 101 110 28 59 68 68 91 42 65 110 Price ($1000s) 16.2 16.0 13.8 11.5 12.5 12.9 11.2 13.0 11.8 10.8 8.3 12.5 11.1 15.0 12.2 13.0 15.6 12.7 8.3