It is believed that the annual repair cost for the sporty automobile Jeep is related to its age. A sample of 11 automobiles revealed the results in the table at the right. Car age (xi) 2 3 1 7 5 8 1 2 6 9 4 Repair cost (yi) in £ 72 99 65 138 67 140 83 101 170 121 114 Define the terms regression and correlation analysis  From the simple linear model , determine parameters and , with an interpretation of your linear model  What would be the cost of repairing car that has been in use for 13 years

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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It is believed that the annual repair cost for the sporty automobile Jeep is related to its age. A sample of 11 automobiles revealed the results in the table at the right.

Car age (xi)

2

3

1

7

5

8

1

2

6

9

4

Repair cost (yi) in £

72

99

65

138

67

140

83

101

170

121

114

  1. Define the terms regression and correlation analysis 
  2. From the simple linear model , determine parameters and , with an interpretation of your linear model 
  3. What would be the cost of repairing car that has been in use for 13 years
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