Question

The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...

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 12 9.3
2 9 7.6
3 13 3.0
4 17 4.0
5 11 5.3
6 9 9.8
7 12 8.4
8 14 6.2
9 13 6.2
10 17 4.8
11 7 10.1
12 7 9.1

a) Determine the regression equation

b) Estimate the selling price of a 6 year old car (in $000) --> not equal to 10.081

c) Interpret the regression equation (in dollars)

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