Price Age Mileage 13590 6 61485 13775 6 54344 22991 1 8246 15303 4 24856 16388 3 22100 16600 3 23702 16987 4 47401 18489 2 16888 18859 3 35380 19857 3 29634 11877 9 55792 14989 3 46183 15900 3 37009 16500 4 45521 9440 9 86902 12988 5 77241 15777 6 59647 10490 9 93241 8938 10 48221 11988 8 42408 The accompanying table shows a portion of data consisting of the price, the age, and the mileage for 20 used sedans. Price Age Mileage 13590 6 61485 13775 6 54344 ⋮ ⋮ ⋮ 11988 8 42408 Determine the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not in scientific notation.] b. Interpret the slope coefficient of Age. multiple choice The slope coefficient of Age is −0.03, which suggests that for every additional year of age, the predicted price of car decreases by $0.03, holding number of miles constant. The slope coefficient of Age is −1021.82, which suggests that for every additional year of age, the predicted price of car decreases by $1021.82. The slope coefficient of Age is −1021.82, which suggests that for every additional year of age, the predicted price of car decreases by $1021.82, holding number of miles constant. The slope coefficient of Age is −0.03, which suggests that for every additional year of age, the predicted price of car decreases by $0.03. c. Predict the selling price of a five-year-old sedan with 65,000 miles. (Do not round intermediate calculations. Round final answer to 2 decimal places.)

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

Chapter5: A Survey Of Other Common Functions

Section5.3: Modeling Data With Power Functions

Problem 6E: Urban Travel Times Population of cities and driving times are related, as shown in the accompanying...

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Related questions

Question

Price Age Mileage
13590 6 61485
13775 6 54344
22991 1 8246
15303 4 24856
16388 3 22100
16600 3 23702
16987 4 47401
18489 2 16888
18859 3 35380
19857 3 29634
11877 9 55792
14989 3 46183
15900 3 37009
16500 4 45521
9440 9 86902
12988 5 77241
15777 6 59647
10490 9 93241
8938 10 48221
11988 8 42408

The accompanying table shows a portion of data consisting of the price, the age, and the mileage for 20 used sedans.

Price	Age	Mileage
13590	6	61485
13775	6	54344
⋮	⋮	⋮
11988	8	42408

Determine the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not in scientific notation.]

b. Interpret the slope coefficient of Age.

multiple choice

The slope coefficient of Age is −0.03, which suggests that for every additional year of age, the predicted price of car decreases by $0.03, holding number of miles constant.
The slope coefficient of Age is −1021.82, which suggests that for every additional year of age, the predicted price of car decreases by $1021.82.
The slope coefficient of Age is −1021.82, which suggests that for every additional year of age, the predicted price of car decreases by $1021.82, holding number of miles constant.
The slope coefficient of Age is −0.03, which suggests that for every additional year of age, the predicted price of car decreases by $0.03.

c. Predict the selling price of a five-year-old sedan with 65,000 miles. (Do not round intermediate calculations. Round final answer to 2 decimal places.)

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