Question

The mean and standard deviation for mileage of used cars on a local car lot are x̄ = 64,582 and S_x = 25,413. The mean and standard deviation for price of used cars on a local car lot are ȳ = $5,635 and S_y = $2,469. The correlation coefficient is r = −0.634. Find the equation for the least-squares regression line to predict the price given the number of miles of a used car on the local car lot. (3 points)

ŷ = 5,635 0.0616x

ŷ = 9,613.01 0.0616x

ŷ = 9,613.01 6.5257x

ŷ = 5,635 6.5257x

ŷ = 9,613.01 0.634x

Answer 1

According to the question,

The least-squares regression line to predict the price(Y) given the number of miles(X) of a used car on the local car lot is given by--

,which is required .