Question

Used Honda Civics were selected at random from craigslist and used to derive models for Price (in dollars) dependent on Age (in years). The first model is given by: Price = 12663 - 608.25 X Age While a second model is given by: Price = 15263(0.906)Age Using correct vocabulary, numbers, and units, explain what the two different models tell us about the price of a car that is 0 years old and how the price changes with age.

Answer #1

As the age increases by one year, the price is expected to reduce by 608.25. The price of newly bought car is expected to be about 12663. The price is expected to reduce linearly. The car terminal age can be expected to be about 21years where the price goes to 0.

As the age increases by one year, the price reduces logarithmically by a factor of 0.906. The price of a new car is expected to be about 15263 and the terminal age is infinity. Which means the car will always have a value that is greater than 0.

An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
4
4
7
7
4
6
8
2
Price
64
70
40
39
63
45
20
82
Find the least squares regression line equation in the...

An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
3
2
8
5
3
7
7
6
Price
70
83
31
45
80
38
42
49
Find the least squares regression line equation in the...

Eleven cars of a certain model, between one and seven years of
age, were randomly selected from the classified ads. The ads were
tracked to find out the final selling price of the cars. The least
square regression equation for predicting the selling price (in
1000 dollars) using the age (in years) is
Which of the following statements is correct?
a.
The price will increase by $1,560 for every 1-year increase in
age.
b.
The price will decrease by...

1. A random number generator is used to select a number from 1
to
500 ?(inclusively).
What is the probability of selecting the number 595
?
What is the probability?
2.Identify the sample space of the probability experiment and
determine the number of outcomes in the sample space.
-Randomly choosing an even number between 10 and 20,
inclusive
The sample space is?
(Use a comma to separate answers)
There are _____ outcomes in the sample space
3. Determine the number...

PLEASE ANSWER ALL QUESTIONS !
1. The following sample observations were randomly selected
(numbers may be different from previous problems):
X
Y
4
4
5
6
3
5
6
7
10
7
What is the slope of the regression equation?
Select one:
a. 5.6
b. 0.36
c. 1.56
d. 5.8
2. A business is evaluating their advertising budget, and wishes
to determine the relationship between advertising dollars spent and
changes in revenue. Below is the output from their
regression.
SUMMARY...

1. In a multiple
regression model, the following coefficients were obtained:
b0 = -10 b1
= 4.5 b2 = -6.0
a. Write the
equation of the estimated multiple regression model. (3 pts)
b Suppose a
sample of 25 observations produces this result, SSE = 480. What is
the estimated standard error of the estimate? (5 pts)
2. Consider the
following estimated sample regression equation:
Y = 12 + 6X1 -- 3 X2
Determine which of the following
statements are true,...

Fueling
Indonesians:
Window of Opportunity or Regret?
Kerosene is widely
used as cooking fuel by Indonesian households, with an annual usage
of 10 million Kiloliters. It is a major subsidized fuel for
household cooking, where its usage is over sixty percent of the 230
million population. The subsidy program costs the government
heavily, where it amounts up to U.S.$4 billion a year. As the
practice tends to bleed government expenditures quite heavily, the
Indonesian government is embarking on a change...

1. The failure of the new supply chain system affected Nike
adversely. What were the reasons for the failure and how did the
breakdown harm Nike?
2. What are the important elements to be kept in mind while
implementing a new system in an organization? What is the
importance of a good working relationship between partners and the
sharing of responsibility in implementing critical projects? What
mistakes did Nike and i2 make?
3. comment on the lessons learned and the...

Read the LDC Cloud Systems Case Study and answer the
question below:
THE EMAIL
The email had been sent from one mid-level accounting manager at
headquarters to another about six months earlier. The message
read:
Bill, here are the accounting issues I mentioned, and as you
know, some of these go back a ways. The data that supports these
accounts are not always clear and keep changing, and we are not
sure what the correct accounting treatment is for these...

Plagiarism Certification Tests for Undergraduate College
Students and Advanced High School Students
These tests are intended for undergraduate students in
college or those under 18 years of age.
Read these directions carefully!
The below test includes 10 questions, randomly selected from a
large inventory. Most questions will be different each time you
take the test,
You must answer at least 9 out of 10 questions correctly to
receive your Certificate.
You have 40 minutes to complete each test, and you...

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