Regression Analysis Exponential Models 1. Mr. Gilbert is planning to buy a used car. He searched the average selling prices for the model he wants and made a table relating selling price to the age of the vehicle. Age (years) Selling Price ($) 21,000 1 17,000 13,800 11,200 4. 9,000 5 7,300 a. Explain how you can tell that there is an exponential relationship from the table of values. b. Determine the rate of depreciation from the table of values.
Regression Analysis Exponential Models 1. Mr. Gilbert is planning to buy a used car. He searched the average selling prices for the model he wants and made a table relating selling price to the age of the vehicle. Age (years) Selling Price ($) 21,000 1 17,000 13,800 11,200 4. 9,000 5 7,300 a. Explain how you can tell that there is an exponential relationship from the table of values. b. Determine the rate of depreciation from the table of values.
Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Regression Analysis
Exponential Models
1. Mr. Gilbert is planning to buy a used car. He searched the average selling prices for the
model he wants and made a table relating selling price to the age of the vehicle.
Age (years)
Selling Price ($)
21,000
1
17,000
2
13,800
11,200
4
9,000
7,300
a. Explain how you can tell that there is an exponential relationship from the table of
values.
b. Determine the rate of depreciation from the table of values.
c. Based off the Desmos graph and information provided, what is the regression equation?
Explain what each variable represents!
d. Look at your answer from part b. How does your answer relate to the equation?
e. Use your equation to determine the selling price of a 15 year old, a 30 year old and a 50
year old car of this model. Do you think the equation does a good job predicting value
into the future? Explain.
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