The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (PriceHub website). Click on the datafile logo to reference the data. DATA file Price ($1000s) Miles (1000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110 8.3 28 12.5 59 11.1 68 15.0 68 12.2 91 13.0 42 15.6 65 12.7 110 8.3 If your answer is zero, enter "0". a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.
The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (PriceHub website). Click on the datafile logo to reference the data. DATA file Price ($1000s) Miles (1000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110 8.3 28 12.5 59 11.1 68 15.0 68 12.2 91 13.0 42 15.6 65 12.7 110 8.3 If your answer is zero, enter "0". a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.
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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![### Transcription of Educational Content
**Scatter Diagram and Regression Analysis Exercise**
**Graph Explanation:**
The graph displayed is a scatter plot depicting a relationship between two variables: "Miles (1000s)" on the x-axis and "Price ($1000s)" on the y-axis. Each point on the graph represents a data pair showing the price of a car in thousands of dollars corresponding to the miles (in thousands) driven.
#### Questions:
**b. Interpretation of Scatter Diagram:**
What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
- **Select your answer**
**c. Estimation of Regression Equation:**
Develop the estimated regression equation that could be used to predict the price ($1000s) (to four decimals).
\[ \hat{y} =\ \_\_\_\_ \ -\ \_\_\_ \ x \]
**d. Significance Testing:**
Test for a significant relationship at the 0.05 level of significance (to three decimals).
\[ \text{p-value} =\ \_\_\_\_ \ \text{- Select your answer -} \ \alpha = 0.05 \]
**e. Goodness of Fit Evaluation:**
Did the estimated regression equation provide a good fit?
- **Select your answer**
**f. Interpretation of the Slope:**
Provide an interpretation for the slope of the estimated regression equation (to four decimals but dollar value to the nearest cent). Enter negative values as negative numbers.
- The slope of the estimated regression is \_\_\_\_ . Therefore, every additional 1,000 miles on the car's odometer will result in a $ \_\_\_\_ decrease in the predicted price.
**g. Price Prediction:**
Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predict the price for this car (round to nearest dollar).
- $ \_\_\_
Is this the price you would offer the seller?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6387f1fe-f7de-460c-a439-51c8967659dd%2F15a4f442-e2ec-4619-ae4c-eef1757b0602%2Fdfqpllo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Transcription of Educational Content
**Scatter Diagram and Regression Analysis Exercise**
**Graph Explanation:**
The graph displayed is a scatter plot depicting a relationship between two variables: "Miles (1000s)" on the x-axis and "Price ($1000s)" on the y-axis. Each point on the graph represents a data pair showing the price of a car in thousands of dollars corresponding to the miles (in thousands) driven.
#### Questions:
**b. Interpretation of Scatter Diagram:**
What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
- **Select your answer**
**c. Estimation of Regression Equation:**
Develop the estimated regression equation that could be used to predict the price ($1000s) (to four decimals).
\[ \hat{y} =\ \_\_\_\_ \ -\ \_\_\_ \ x \]
**d. Significance Testing:**
Test for a significant relationship at the 0.05 level of significance (to three decimals).
\[ \text{p-value} =\ \_\_\_\_ \ \text{- Select your answer -} \ \alpha = 0.05 \]
**e. Goodness of Fit Evaluation:**
Did the estimated regression equation provide a good fit?
- **Select your answer**
**f. Interpretation of the Slope:**
Provide an interpretation for the slope of the estimated regression equation (to four decimals but dollar value to the nearest cent). Enter negative values as negative numbers.
- The slope of the estimated regression is \_\_\_\_ . Therefore, every additional 1,000 miles on the car's odometer will result in a $ \_\_\_\_ decrease in the predicted price.
**g. Price Prediction:**
Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predict the price for this car (round to nearest dollar).
- $ \_\_\_
Is this the price you would offer the seller?
Transcribed Image Text:The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (*PriceHub* website).
| Miles (1000s) | Price ($1000s) |
|---------------|---------------|
| 22 | 16.2 |
| 29 | 16.0 |
| 36 | 13.8 |
| 47 | 11.5 |
| 63 | 12.5 |
| 77 | 12.9 |
| 73 | 11.2 |
| 87 | 13.0 |
| 92 | 11.8 |
| 101 | 10.8 |
| 110 | 8.3 |
| 28 | 12.5 |
| 59 | 11.1 |
| 68 | 15.0 |
| 68 | 12.2 |
| 91 | 13.0 |
| 42 | 15.6 |
| 65 | 12.7 |
| 110 | 8.3 |
If your answer is zero, enter "0".
a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.
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