**Car Rental Market Analysis for Six Smaller Car Rental Companies**In the highly competitive U.S. car rental market, companies greatly vary in terms of fleet size, facility locations, and annual revenue. Hertz, the market leader as of 2011, operates a fleet of 320,000 cars and achieves annual revenue of approximately $4.2 billion. Below is an analysis of six smaller car rental companies, highlighting the relationship between the number of cars in service (in thousands) and their respective annual revenues (in millions of dollars).| Company | Cars in Service (1,000s) | Revenue ($ millions) ||---------|--------------------------|----------------------|| Company A | 11.5 | 118 || Company B | 10.0 | 137 || Company C | 9.0 | 102 || Company D | 5.5 | 39 || Company E | 4.2 | 40 || Company F | 3.3 | 32 |### (a) Scatter Diagram AnalysisThe scatter diagram below uses the number of cars in service as the independent variable (X-axis) and the annual revenue as the dependent variable (Y-axis). This visual representation helps identify any potential correlation between the two variables.- **Graph Analysis**: - Horizontal Axis (X): Cars in Service (1,000s) - Vertical Axis (Y): Annual Revenue ($ millions)Below are different scatter diagrams that were assessed to determine the most accurate representation:1. Incorrect scatter diagram2. Incorrect scatter diagram3. Correct scatter diagram: A positive linear relationship is observed.4. Incorrect scatter diagram![Scatter Diagram](scatter-diagram.png)### (b) Interpretation of Scatter DiagramThe correct scatter diagram indicates that **there appears to be a positive linear relationship between cars in service (1,000s) and annual revenue ($ millions)**. As the number of cars in service increases, the annual revenue tends to increase as well.### (c) Estimated Regression EquationUsing the least squares method, the following estimated regression equation is derived to predict annual revenue ($ millions) based on the number of cars in service (1,000s):\[ \hat{y} = -16.71 + 13.0x \]This regression equation can be used to estimate how changes in the number of cars in service will affect the annual revenue.### ConclusionBy analyzing these variables, smaller car

Scatterplot Dots are used to demonstrate information from two unrelated quantitative variables in a…

Answered: Companies in the U.S. car rental market…

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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