Use a calculator or a computer for the following regression problems. Quadratic Versus Linear The average retail price for a used convertible Corvette depends on the age of the car, as shown in the accompanying table for the summer of 2012 (Edmund's, www.edmunds.com). Table for Exercise 113 Age (yr) Price ($) 1 42,235 2 38,261 3 32,686 4 29,414 5 26,750 6 25,125 7 22,444 8 18,112 9 16,517 a. Use both linear regression and quadratic regression on a graphing calculator to express the price as a function of the age of the car. b. Plot the data, the linear function, and the quadratic function on your calculator. Judging from what you see. which function appears to fit the data better? c. Predict the price of an 11–year-old car using both the linear function and the quadratic function.
Use a calculator or a computer for the following regression problems. Quadratic Versus Linear The average retail price for a used convertible Corvette depends on the age of the car, as shown in the accompanying table for the summer of 2012 (Edmund's, www.edmunds.com). Table for Exercise 113 Age (yr) Price ($) 1 42,235 2 38,261 3 32,686 4 29,414 5 26,750 6 25,125 7 22,444 8 18,112 9 16,517 a. Use both linear regression and quadratic regression on a graphing calculator to express the price as a function of the age of the car. b. Plot the data, the linear function, and the quadratic function on your calculator. Judging from what you see. which function appears to fit the data better? c. Predict the price of an 11–year-old car using both the linear function and the quadratic function.
Solution Summary: The author explains how to calculate the linear and quadratic equations to express the price as a function of age of the car.
Use a calculator or a computer for the following regression problems.
Quadratic Versus Linear The average retail price for a used convertible Corvette depends on the age of the car, as shown in the accompanying table for the summer of 2012 (Edmund's, www.edmunds.com).
Table for Exercise 113
Age (yr)
Price ($)
1
42,235
2
38,261
3
32,686
4
29,414
5
26,750
6
25,125
7
22,444
8
18,112
9
16,517
a. Use both linear regression and quadratic regression on a graphing calculator to express the price as a function of the age of the car.
b. Plot the data, the linear function, and the quadratic function on your calculator. Judging from what you see. which function appears to fit the data better?
c. Predict the price of an 11–year-old car using both the linear function and the quadratic function.
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