EEE C ICK the icon to view the data table. plete parts a through g. d) If you want to sell an 8-year-old car of this model, what price seems appropriate? dollars (Round to the nearest dollar as needed.) e) You have a chance to buy one of two cars. They are about the same age and appear to be in equally good condition. Would you rather buy the one with a positive residual or the one with a negative residual? Explain. A. The car with a positive residual is better because its actual price is above the predicted price for its age. B. The car with a negative residual is better because its actual price is below the predicted price for its age. OC. The car with a negative residual is better because its actual price is above the predicted price for its age. Data table D. The car with a positive residual is better because its actual price is below the predicted price for its age. 1) You see a "For Sale" sign on a 12-year-old car of this model stating the asking price as $8,600. What is the residual? Age (yr) Price Advertised ($) 17,588 2 14.969 O dollar(s) 3 15.959 (Round to the nearest dollar as needed.) 4 13,958 14,999 14,589 13,988 4 g) Would this regression model be useful in establishing a fair price for a 26-year-old car? Explain. 11,998 9,968 11,538 7 (1,1) More 8. 10,878 10,898 Statcrunch 12 10,019 lex ext MAR
EEE C ICK the icon to view the data table. plete parts a through g. d) If you want to sell an 8-year-old car of this model, what price seems appropriate? dollars (Round to the nearest dollar as needed.) e) You have a chance to buy one of two cars. They are about the same age and appear to be in equally good condition. Would you rather buy the one with a positive residual or the one with a negative residual? Explain. A. The car with a positive residual is better because its actual price is above the predicted price for its age. B. The car with a negative residual is better because its actual price is below the predicted price for its age. OC. The car with a negative residual is better because its actual price is above the predicted price for its age. Data table D. The car with a positive residual is better because its actual price is below the predicted price for its age. 1) You see a "For Sale" sign on a 12-year-old car of this model stating the asking price as $8,600. What is the residual? Age (yr) Price Advertised ($) 17,588 2 14.969 O dollar(s) 3 15.959 (Round to the nearest dollar as needed.) 4 13,958 14,999 14,589 13,988 4 g) Would this regression model be useful in establishing a fair price for a 26-year-old car? Explain. 11,998 9,968 11,538 7 (1,1) More 8. 10,878 10,898 Statcrunch 12 10,019 lex ext MAR
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
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Use table and picture to solve!!! Thank you so much 
Transcribed Image Text:EEE C
ICK the icon to view the data table.
plete parts a through g.
d) If you want to sell an 8-year-old car of this model, what price seems appropriate?
dollars
(Round to the nearest dollar as needed.)
e) You have a chance to buy one of two cars. They are about the same age and appear to be in equally good condition. Would you rather buy the one with a positive residual or the one with a negative residual? Explain.
A. The car with a positive residual is better because its actual price is above the predicted price for its age.
B. The car with a negative residual is better because its actual price is below the predicted price for its age.
OC. The car with a negative residual is better because its actual price is above the predicted price for its age.
Data table
D. The car with a positive residual is better because its actual price is below the predicted price for its age.
f) You see a "For Sale" sign on a 12-year-old car of this model stating the asking price as $8,600. What is the residual?
Age (yr)
Price Advertised ($) P
1
17,588
2
14.969
O dollar(s)
3
15,959
(Round to the nearest dollar as needed.)
4
13,958
4
14,999
14,589
13,988
g) Would this regression model be useful in establishing a fair price for a 26-year-old car? Explain.
5
11,998
9,968
11,538
7
Vi
(1,1)
More
7
8.
10,878
10,898
Statcrunch
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10,019
lex
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Transcribed Image Text:JUUOMpanying table to create a linear model for the relationship between a car's Age and its Price. Complete parts a through g.
03/06/22 8:17 PM
E Click the icon to view the data table.
O A. The car with a positive residual is better because its actual price is above the predicted price for its age,
O B. The car with a negative residual is better because its actual price is below the predicted price for its age.
C. The car with a negative residual is better because its actual price is above the predicted price for its age.
O D. The car with a positive residual is better because its actual price is below the predicted price for its age.
f) You see a "For Sale" sign on a 12-year-old car of this model stating the asking price as $8,600. What is the residual?
Odollar(s)
(Round to the nearest dollar as needed.)
Data table
g) Would this regression model be useful in establishing a fair price for a 26-year-old car? Explain.
O A. No, because the predicted price is $0, which does not make sense.
Age (yr) Price Advertised ($) D
1
17,588
O B. No, because the predicted price is too high to be reasonable.
2
14,969
15,959
13,958
14,999
14,589
13,988
11,998
9,968
11,538
10,878
10,898
10,019
OC. No, becadse the predicted price is negative, which does not make sense.
4
D. Yes, because the predicted price is positive and close to $o.
4
5
(1,0)
More
8.
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