Use the advertise prices for used cars of a particular model and then company table to create a linear model for the relationship between a car‘s age and its price. Complete parts a through G. Use the advertised prices for used cars of a particular model in the accompanying table to create a linear model for the relationship between a car's Age and its Price. Complete parts a through g.d) If you want to sell an 8-year-old car of this model, what price seems appropriate?Odollars(Round to the nearest dollar as needed.)e) You have a chance to buy one of two cars. They are about the same age and appear to be in equally good condition. Would you rather buy the one with a positive residual or the one with a negative residual? Explain.O A. The car with a positive residual is better because its actual price is above the predicted price for its age.O B. The car with a negative residual is better because its actual price is below the predicted price for its age.- XData tableOc. The car with a negative residual is better because its actual price is above the predicted price for its age.O D. The car with a positive residual is better because its actual price is below the predicted price for its age.Age (yr)Price Advertised ($) O17,588f) You see a "For Sale" sign on a 12-year-old car of this model stating the asking price as $8,600. What is the residual?14,96915,95913,95814,99914,58913,98811,9989,96811,53810,87810,89810,0193O dollar(s)(Round to the nearest dollar as needed.)49) Would this regression model be useful in establishing a fair price for a 26-year-old car? Explain.7.O A. No, because the predicted price is $0, which does not make sense.7O B. No, because the predicted price is too high to be reasonable.O C. No, because the predicted price is negative, which does not make sense.812NextStatcrunchPrintDoneMARMacBook Pro&2424.78.deleteWERYUFGH.K Use the advertised prices for used cars of a particular model in the accompanying table to create a linear model for the relationship between a car's Age and its Price. Complete parts a through g.a) Find the equation of the line of regression.Price =O+O Age(Round to the nearest integer as needed.)b) Explain the meaning of the slope of the line. Select the correct choice below and fill in the answer box to complete your choice.(Round to the nearest integer as needed.)A. The slope indicates that every $1 increase inPrice increases the Age of cars of this model byyear(s), on average.Data tableO B. The slope indicates that every 1-year increase in Age increases the Price of cars of this model by $, on average.C. The slope indicates that every $1 icrease in Price decreases the Age of cars of this model by year(s), on average.Age (yr)Price Advertised ($) P117,58814,96915,95913,95814,99914,58913,98811,9989,968O D. The slope indicates that every 1-year increase in Age decreases the Price of cars of this model by $, on average.3c) Explain the meaning of the y-intercept of the line. Select the correct choice below and fill in the answer box to complete your choice.(Round to the nearest integer as needed.)44O A. The y-intercept indicates that every 1-year increase in Age decreases the Price of cars of this model by $. on average.7O B. The y-intercept means that a new car of this model costs $, on average.C. The y-intercept means that a car of this model that costs $0 is711,53810,87810,89810,019year(s) old, on average.8.8D. The y-intercept indicates that every $1 increase in Price decreases the Age of cars of this model by|year(s), on average.12StatcrunchNextPrintDoneMARW6.MacBook Pro&%23%2436.78.deWERK

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Use the advertised prices for used cars of a particular model in the accompanying table to create a linear model for the relationship between a car's Age and its Price. Complete parts a through g. a) Find the equation of the line of regression. Price = Age (Round to the nearest integer as needed.) b) Explain the meaning of the slope of the line. Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest integer as needed.) O A. The slope indicates that every $1 increase in Price increases the Age of cars of this model by year(s), on average. - X Data table O B. The slope indicates that every 1-year increase in Age increases the Price of cars of this model by $, on average. O C. The slope indicates that every $1 icrease in Price decreases the Age of cars of this model by year(s), on average. Age (yr) Price Advertised (S) O 17,588 14,969 15,959 13,958 14,999 14,589 13,988 11,998 9,968 11,538 10,878 10,898 10,019 O D. The slope indicates that every 1-year increase in Age decreases the Price of cars of this model by $, on average. 2 3. c) Explain the meaning of the y-intercept of the line. Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest integer as needed.) 4. 4. O A. The y-intercept indicates that every 1-year increase in Age decreases the Price of cars of this model by $. on average. 7. O B. The y-intercept means that a new car of this model costs $. on average. OC. The y-intercept means that a car of this model that costs $0 is year(s) old, on average. 8. 8. O D. The y-intercept indicates that every $1 increase in Price decreases the Age of cars of this model by year(s), on average. 12

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P