The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($000) 1 7 10.1 2 5 8.7 3 10 3.2 4 14 3.6 5 6 7.2 6 5 10.7 7 7 7.6 8 11 7.5 9 10 7.5 10 14 3.0 11 4 9.5 12 4 7.9 Click here for the Excel Data File a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) b. Estimate the selling price of an 14-year-old car (in $000). (Round your answer to 3 decimal places.) c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($000) 1 7 10.1 2 5 8.7 3 10 3.2 4 14 3.6 5 6 7.2 6 5 10.7 7 7 7.6 8 11 7.5 9 10 7.5 10 14 3.0 11 4 9.5 12 4 7.9 Click here for the Excel Data File a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) b. Estimate the selling price of an 14-year-old car (in $000). (Round your answer to 3 decimal places.) c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
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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The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.
| Car | Age (years) | Selling Price ($000) |
|---|---|---|
| 1 | 7 | 10.1 |
| 2 | 5 | 8.7 |
| 3 | 10 | 3.2 |
| 4 | 14 | 3.6 |
| 5 | 6 | 7.2 |
| 6 | 5 | 10.7 |
| 7 | 7 | 7.6 |
| 8 | 11 | 7.5 |
| 9 | 10 | 7.5 |
| 10 | 14 | 3.0 |
| 11 | 4 | 9.5 |
| 12 | 4 | 7.9 |
Click here for the Excel Data File
a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)
b. Estimate the selling price of an 14-year-old car (in $000). (Round your answer to 3 decimal places.)
c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
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