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. CarAge (years)Selling Price ($000)11112.12810.53145.74174.9595.06813.471010.58149.09139.010174.511612.512611.5 Click here for the Excel Data Filea. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)a=b= Estimate the selling price of an 7-year-old car (in $000). (Round your answer to 3 decimal places.)Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)

Regression Analysis: A researcher uses regression analysis to determine the association between two…

Answered: The owner of Maumee Ford-Volvo wants to…

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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Question

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	11	12.1
2	8	10.5
3	14	5.7
4	17	4.9
5	9	5.0
6	8	13.4
7	10	10.5
8	14	9.0
9	13	9.0
10	17	4.5
11	6	12.5
12	6	11.5

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.)

Estimate the selling price of an 7-year-old car (in $000). (Round your answer to 3 decimal places.)

Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)

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