1620406080100Miles (1000s)120Scatter diagram 1b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?Negative relationshipc. Develop the estimated regression equation that could be used to predict the price ($1000s) (to 4 decimals).16.469.0588Id. Test for a significant relationship at the 0.05 level of significance (to 3 decimals).p-value=less thanα = 0.05.e. Did the estimated regression equation provide a good fit?Yesf. Provide terpretation for the slope of the estimated regression equation (to 4 decimals but dollar value to the nearest cent). Enter negative values as negative numbers.The slope of the estimated regression is -.0588. Therefore, every additional 1,000 miles on the car's odometr will result in a $predicted price.decreasein theg. Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predictthe price for this car (round to nearest dollar).$12943Is this the price you would offer the seller?SNoOHide FeedbackAaDIIDDFRF10F7F4F6F5F2@80F3$%&F9)(4)F12 The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. Toinvestigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (PriceHub website).CClick on the datafile logo to reference the data.DATA fileMiles (1000s)Price ($1000s)2216.22916.03613.84711.56312.57712.97311.28713.09211.810110.81108.32812.55911.115.0686812.213.09115.64212.7658.3110If your answer is zero, enter "0".a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis.DAF7F680::F5F4F3F1!@F2#$%56&7* CO8DILFR(9F9-O)0F11+11=AE

For the given data Find ( d ) p value =? ( f ) blank = ?

Answered: 100 12010003) Scatter diagram 1 S b.…

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter3: Straight Lines And Linear Functions

Section3.4: Linear Regression

Problem 16E: Remainder Round all answers to two decimal places unless otherwise indicated. Gross Domestic Product...

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Related questions

Question

16
20
40
60
80
100
Miles (1000s)
120
Scatter diagram 1
b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables?
Negative relationship
c. Develop the estimated regression equation that could be used to predict the price ($1000s) (to 4 decimals).
16.469
.0588
I
d. Test for a significant relationship at the 0.05 level of significance (to 3 decimals).
p-value=
less than
α = 0.05.
e. Did the estimated regression equation provide a good fit?
Yes
f. Provide terpretation for the slope of the estimated regression equation (to 4 decimals but dollar value to the nearest cent). Enter negative values as negative numbers.
The slope of the estimated regression is -.0588. Therefore, every additional 1,000 miles on the car's odometr will result in a $
predicted price.
decrease
in the
g. Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles. Using the estimated regression equation developed in part (c), predict
the price for this car (round to nearest dollar).
$
12943
Is this the price you would offer the seller?
S
No
O
Hide Feedback
Aa
DII
DD
FR
F10
F7
F4
F6
F5
F2
@
80
F3
$
%
&
F9
)
(4)
F12

Transcribed Image Text:The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sale price for 19 sales (PriceHub website). C Click on the datafile logo to reference the data. DATA file Miles (1000s) Price ($1000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110 8.3 28 12.5 59 11.1 15.0 68 68 12.2 13.0 91 15.6 42 12.7 65 8.3 110 If your answer is zero, enter "0". a. Select a scatter diagram with the car mileage on the horizontal axis and the price on the vertical axis. DA F7 F6 80 :: F5 F4 F3 F1 ! @ F2 # $ % 5 6 & 7 * CO 8 DIL FR ( 9 F9 -O ) 0 F11 + 11 = A E

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