Q3: Table below shows the age in years and the retail value in thousands of pounds of a random sample of ten cars of the same make and model. 3 24.8 4. 24.6 3 3 4 6. 28.7 26.0 30.5 23.8 23.8 20.4 21.6 22.1 i. Compute the least squares regression line. Plot it on the scatter diagram. ii. Interpret the meaning of the slope of the least squares regression line in the context of the problem. iii. Suppose a four-year-old car of this make and model is selected at random. Use the regression equation to predict its retail value. iv. Suppose a 2020-year-old car of this make and model is selected at random. Use the regression equation to predict its retail value. Interpret the result. Comment on the validity of using the regression equation to predict the price of a brand new car of this make and model. v.
Q3: Table below shows the age in years and the retail value in thousands of pounds of a random sample of ten cars of the same make and model. 3 24.8 4. 24.6 3 3 4 6. 28.7 26.0 30.5 23.8 23.8 20.4 21.6 22.1 i. Compute the least squares regression line. Plot it on the scatter diagram. ii. Interpret the meaning of the slope of the least squares regression line in the context of the problem. iii. Suppose a four-year-old car of this make and model is selected at random. Use the regression equation to predict its retail value. iv. Suppose a 2020-year-old car of this make and model is selected at random. Use the regression equation to predict its retail value. Interpret the result. Comment on the validity of using the regression equation to predict the price of a brand new car of this make and model. v.
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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Transcribed Image Text:Q3: Table below shows the age in years and the retail value in thousands of pounds of a
random sample of ten cars of the same make and model.
4
4
5
20.4
2
28.7
24.8
26.0
30.5
23.8
24.6
23.8
21.6
22.1
i.
Compute the least squares regression line. Plot it on the scatter diagram.
Interpret the meaning of the slope of the least squares regression line in the
context of the problem.
Suppose a four-year-old car of this make and model is selected at random.
Use the regression equation to predict its retail value.
i.
ii.
iv.
Suppose a 2020-year-old car of this make and model is selected at random.
Use the regression equation to predict its retail value. Interpret the result.
Comment on the validity of using the regression equation to predict the price
of a brand new car of this make and model.
V.
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