The following scatter plot displays data for Mileage (x) and Price ((y). Answer the questions below based on the information provided on the graph. y = -0.1264x + 15624 r= -0.8884 Price vs. Mileage $18,000 $16,000 y=0.1264x+ 15624 R 0.7892 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 10000 20000 30000 40000 s0000 60000 70000 80000 90000 100000 a. Using the regression equation, tell what price you would expect for a car with mileage 55,555 b. Using the regression equation, tell what mileage you would expect for a car worth $13,100. c. Interpret the meaning of r’ in the context of this problem. d. Explain what r tells you about the relationship between price and mileage.
The following scatter plot displays data for Mileage (x) and Price ((y). Answer the questions below based on the information provided on the graph. y = -0.1264x + 15624 r= -0.8884 Price vs. Mileage $18,000 $16,000 y=0.1264x+ 15624 R 0.7892 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 10000 20000 30000 40000 s0000 60000 70000 80000 90000 100000 a. Using the regression equation, tell what price you would expect for a car with mileage 55,555 b. Using the regression equation, tell what mileage you would expect for a car worth $13,100. c. Interpret the meaning of r’ in the context of this problem. d. Explain what r tells you about the relationship between price and mileage.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
![The following scatter plot displays data for Mileage (x) and Price (y). Answer the questions
below based on the information provided on the graph.
r= -0.8884
y = -0.1264x + 15624
Price vs. Mileage
$18,000
$16,000
y= -0.1264x+ 15624
R = 0.7892
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
10000
20000
30000
40000
50000
60000
70000
80000 90000 100000
a. Using the regression equation, tell what price you would expect for a car with mileage
55,555
b. Using the regression equation, tell what mileage you would expect for a car worth $13,100.
c. Interpret the meaning of r' in the context of this problem.
d. Explain what r tells you about the relationship between price and mileage.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc55fcb69-81a7-46f9-a060-78daecb2e1d3%2F7ae6919e-c68e-416a-9091-37e7f9d33736%2Fuuufd9i_processed.png&w=3840&q=75)
Transcribed Image Text:The following scatter plot displays data for Mileage (x) and Price (y). Answer the questions
below based on the information provided on the graph.
r= -0.8884
y = -0.1264x + 15624
Price vs. Mileage
$18,000
$16,000
y= -0.1264x+ 15624
R = 0.7892
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
10000
20000
30000
40000
50000
60000
70000
80000 90000 100000
a. Using the regression equation, tell what price you would expect for a car with mileage
55,555
b. Using the regression equation, tell what mileage you would expect for a car worth $13,100.
c. Interpret the meaning of r' in the context of this problem.
d. Explain what r tells you about the relationship between price and mileage.
Expert Solution
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Step 1
Given regression equation,
y=-0.1264x+15624
r=-0.8884
r2=0.7892
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