he accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used sedans. Selling Price Age Miles 13,636 8 61,500 13,783 7 54,361 ⋮ ⋮ ⋮ 11,948 7 42,368 Click here for the Excel Data File a. Determine the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not in scientific notation.] PriceˆPrice^ = + Age + Miles. b. Interpret the slope coefficient of Age. multiple choice The slope coefficient of Age is −824.18, which suggests that for every additional year of age, the predicted price of car decreases by $824.18. The slope coefficient of Age is −0.08, which suggests that for every additional year of age, the predicted price of car decreases by $0.08. The slope coefficient of Age is −824.18, which suggests that for every additional year of age, the predicted price of car decreases by $824.18, holding number of miles constant. The slope coefficient of Age is −0.08, which suggests that for every additional year of age, the predicted price of car decreases by $0.08, holding number of miles constant. c. Predict the selling price of a seven-year-old sedan with 63,000 miles. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) PriceˆPrice^ = $

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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Question

The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used sedans.

Selling Price	Age	Miles
13,636	8	61,500
13,783	7	54,361
⋮	⋮	⋮
11,948	7	42,368

Click here for the Excel Data File

a. Determine the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not in scientific notation.]

PriceˆPrice^ = + Age + Miles.

b. Interpret the slope coefficient of Age.

multiple choice

The slope coefficient of Age is −824.18, which suggests that for every additional year of age, the predicted price of car decreases by $824.18.
The slope coefficient of Age is −0.08, which suggests that for every additional year of age, the predicted price of car decreases by $0.08.
The slope coefficient of Age is −824.18, which suggests that for every additional year of age, the predicted price of car decreases by $824.18, holding number of miles constant.
The slope coefficient of Age is −0.08, which suggests that for every additional year of age, the predicted price of car decreases by $0.08, holding number of miles constant.

c. Predict the selling price of a seven-year-old sedan with 63,000 miles. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.)

PriceˆPrice^ = $

A
C
Selling Price Age
Miles
13636
8
61500
13783
7
54361
22904
1
8243
15284
24802
16399
22145
16556
6
23730
16980
6
47437
18496
4
16821
18800
1
35435
19874
29654
11816
55798
14915
46192
15894
36985
16452
7
45503
9415
7
86882
12925
77205
15790
4
59641
10500
9.
93201
8998
7
48288
11948
7
42368

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