Answered: Miles Driven Car Age (years)…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

The manager of the Salem police department motor pool
wants to develop a forecast model for annual maintenance
on police cars based on mileage in the past year and age of
the cars. The following data have been collected for eight
different cars:

a. Using Excel develop a multiple regression equation
for these data.
b. What is the coefficient of determination for this
regression equation?
c. Forecast the annual maintenance cost for a police car
that is four years old and will be driven 10,000 miles in
one year.

Miles Driven
Car Age (years)
Maintenance Cost ($)
14,320
6
$1120
15,100
7
1610
17,415
8
1545
9,370
3
900
7,230
3
650
12,045
5
1500
8,100
2
550
6,300
3
730

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