An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with ages.  The research department at the company took a sample of 8 cars of this model and collected information on the ages (in years) and prices (in hundreds of dollars). Age83692563Price18945021145423699Use the 2 points (3,99) and (8,18) to calculate a line of fit.      Enter the value of the slope, using the exact value.      Enter the value of the y intercept, using the exact value.

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Asked Nov 8, 2019
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An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with ages.  The research department at the company took a sample of 8 cars of this model and collected information on the ages (in years) and prices (in hundreds of dollars). 

Age 8 3 6 9 2 5 6 3
Price 18 94 50 21 145 42 36 99

Use the 2 points (3,99) and (8,18) to calculate a line of fit.

      Enter the value of the slope, using the exact value.

 

     Enter the value of the y intercept, using the exact value.

 

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Expert Answer

Step 1

Excel Procedure for Regression:

 

  • Enter the data for Age as (3 & 8) and Price (99 &18) in Excel sheet.
  • Go to Data
  • Click on Data Analysis.
  • Select ‘Regression’ and click on ‘OK’
  • Select the column of Price under ‘Input Y Range’.
  • Sel...
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SUMMARY OUTPUT Regression Statistics Multiple R 1 R Square 1 Adjusted R Square 65535 Standard Error 0 Observations ANOVA Significance F NUM df SS MS 3280.5 3280.5 #NUM! Regression 1 Residual 0 0 65535 Total 1 3280.5 Lower 95.0 % Upper 95.0 % Coefficients Standard Error tStat P-value Lower 95% Upper 95% 147.6 0 65535 #NUMI 147.6 147.6 147.6 147.6 Intercept 0 65535 #NUM Age 16.2 -16.2 16.2 16.2 -16.2

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