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The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...

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Question

Basic Math

The owner of Maumee Ford-Volvo wants to study the relationshipbetween the age of a car and its selling price. Listed below is arandom sample of 12 used cars sold at the dealership during thelast year.

CarAge (years)Selling Price($000)
11112.2
2811.0
3164.9
4184.1
596.7
6813.6
71011.1
8169.0
9149.0
10184.2
11612.1
12610.4

1. Determine the regression equation. (Negative amountsshould be indicated by a minus sign. Round your answers to 3decimal places.)

a =
b =                         

2. Estimate the selling price of an 7-year-old car (in $000).(Round your answer to 3 decimal places.)

Selling price                         

3. Interpret the regression equation (in dollars).(Round your answer to the nearest dollaramount.)

For each additional year, the cardecreases                  in value.

Answer & Explanation Solved by verified expert
4.4 Ratings (753 Votes)
The statistical software output for this problem is Simple linear regression    See Answer
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