Question
Following are age and price data for 8 randomly selected ambulances between 1 and 6 years...
Following are age and price data for 8 randomly selected ambulances between 1 and 6 years old. Here, x denotes age, in years, and y denotes price, in hundreds of dollars. Use the information to complete parts (a) through (f).
x 6 1 6 2 6 2 4 5
y 280 390 245 350 275 370 335 300
a. Find the regression equation for the data points.
y with caret = _____+ ________ x (Round to two decimal places as needed.)
b. Graph the regression equation and the data points.
c. Describe the apparent relationship between the 2 variables
d. Identify the predictor and response variables
e. Identify outliners and potential influential observations.
f. Predict the value of the respons variable for 3-year old ambulance
Homework Answers
Answer #1
Solution: We can use excel regression data analysis tool to find the equation of the regression line. The excel output is given below:
a. Find the regression equation for the data points.
Answer: 
b. Graph the regression equation and the data points.
Answer:
c. Describe the apparent relationship between the 2 variables
Answer: From the above scatterplot, we clearly see there exists a strong negative linear relationship between x and y variables.
d. Identify the predictor and response variables
Answer: Age is the predictor variable and Price is the response variable.
e. Identify outliers and potential influential observations.
Answer: From the above scatterplot, we clearly see there are no outliers but the point (6,245) is an influential point.
f. Predict the value of the response variable for a 3-year old ambulance
Answer: 
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