Question

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 form y^=a+bx. Use "Age" as the independent variable and "Price" as the dependent variable. Round your answers to four decimal places. y^=+()x

Predict the price of a 8 year-old car of this model. Round your answer to one decimal place. ypred=

PLS SHOW WORK

Answer 1

The table given below ,

	Age(X)	Price(Y)	X^2	XY
	3	70	9	210
	2	83	4	166
	8	31	64	248
	5	45	25	225
	3	80	9	240
	7	38	49	266
	7	42	49	294
	6	49	36	294
Sum	41	438	245	1943

From table ,

The regression coefficient or slope is ,

The intercept is ,

Therefore , the least square regression line equation is ,

Now , For X=8

Therefore ,