Question
Eleven cars of a certain model, between one and seven years of age, were randomly selected...
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 $1,560 for every 1-year decrease in age. |
|
| c. |
The association between price and age is positive. |
|
| d. |
The association between price and age is negative. |
|
| e. |
The price for a car with 0 year of age is $19,800. |
Homework Answers
Answer #1
ANSWER::
= 19.8 - 1.56x
When x = 0,
= 19.8 - 1.56x0 = 19.8 ($19,800)
The coefficient of x is -1.56. Therefore, a change in x by 1 unit will cause change in y by -1.56.
The following statements are correct:
d. The association between price and age is negative.
e. The price for a car with 0 year of age is $19,800
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