Miles Price (1000s) ($1000s) 22 29 36 47 63 77 73 87 92 101 110 28 59 68 68 91 42 65 110 16.2 16.0 13.8 11.5 12.5 12.9 11.2 13.0 11.8 8 10.8 8.3 12.5 11.1 15.0 12.2 13.0 15.6 12.7 8.3 This data set consists of Miles(1000s) covered by a car and its resale value, Price ($1000). You will use this data to answer questions 9 and 10 listed below: 9. Draw a scatter plot to understand the relationship between the two variables. What type of relationship is it? (positive, negative; strong, weak, moderate) 10. Develop a regression model for predicting price based on distance covered. What will be the price of a car that has covered 60,000 miles?

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Miles
Price
(1000s) ($1000s)
22
29
36
47
63
77
73
87
92
101
110
28
59
68
68
91
42
65
110
16.2
16.0
13.8
11.5
12.5
12.9
11.2
13.0
11.8
10.8
8.3
12.5
11.1
15.0
12.2
13.0
15.6
12.7
8.3
This data set consists of Miles(1000s) covered by a car and its resale value, Price ($1000). You will use
this data to answer questions 9 and 10 listed below:
9. Draw a scatter plot to understand the relationship between the two variables. What type of
relationship is it? (positive, negative; strong, weak, moderate)
10. Develop a regression model for predicting price based on distance covered. What will be the price
of a car that has covered 60,000 miles?
Transcribed Image Text:Miles Price (1000s) ($1000s) 22 29 36 47 63 77 73 87 92 101 110 28 59 68 68 91 42 65 110 16.2 16.0 13.8 11.5 12.5 12.9 11.2 13.0 11.8 10.8 8.3 12.5 11.1 15.0 12.2 13.0 15.6 12.7 8.3 This data set consists of Miles(1000s) covered by a car and its resale value, Price ($1000). You will use this data to answer questions 9 and 10 listed below: 9. Draw a scatter plot to understand the relationship between the two variables. What type of relationship is it? (positive, negative; strong, weak, moderate) 10. Develop a regression model for predicting price based on distance covered. What will be the price of a car that has covered 60,000 miles?
How much of the variation in the sample values of delay does this estimated
regression equation explain? (rounded up to 2 decimal places)
61.74%
38.26%
31.2%
Transcribed Image Text:How much of the variation in the sample values of delay does this estimated regression equation explain? (rounded up to 2 decimal places) 61.74% 38.26% 31.2%
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