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)
Homework Answers
Answer #1
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