The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used sedans. Selling Price 13,632 13,750 Age Miles 6 61,524 4 54,396 11,968 8 42,398 L Click here for the Excel Data File a. 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.] Price = |Age + Miles b. Interpret the slope coefficient of Age. The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price of car decreases by $578.38. O The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of car decreases by $0.09. The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price of car decreases by $578.38, holding number of miles constant. O The slope coefficient of Age is –0.09, which suggests that for every additional year of age, the predicted price of car decreases by $0.09, holding number of miles constant. c. Predict the selling Price of a six-year-old sedan with 66,000 miles. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Price Selling Price lAge Miles 13632 61524 13750 4 54396 22987 8251 15332 24862 16424 3 22147 16584 23745 16969 47378 18428 4 16821 18821 3 35399 19882 4 29623 11884 55811 14985 46177 15947 37046 16489 45510 9494 6 86900 12978 4 77245 15768 9. 59692 10452 10 93278 8915 8. 48255 11968 42398
The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used sedans. Selling Price 13,632 13,750 Age Miles 6 61,524 4 54,396 11,968 8 42,398 L Click here for the Excel Data File a. 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.] Price = |Age + Miles b. Interpret the slope coefficient of Age. The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price of car decreases by $578.38. O The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of car decreases by $0.09. The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price of car decreases by $578.38, holding number of miles constant. O The slope coefficient of Age is –0.09, which suggests that for every additional year of age, the predicted price of car decreases by $0.09, holding number of miles constant. c. Predict the selling Price of a six-year-old sedan with 66,000 miles. (Round coefficient estimates to at least 4 decimal places and final answer to 2 decimal places.) Price Selling Price lAge Miles 13632 61524 13750 4 54396 22987 8251 15332 24862 16424 3 22147 16584 23745 16969 47378 18428 4 16821 18821 3 35399 19882 4 29623 11884 55811 14985 46177 15947 37046 16489 45510 9494 6 86900 12978 4 77245 15768 9. 59692 10452 10 93278 8915 8. 48255 11968 42398
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 15PPS
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Question
![The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used
sedans.
Selling
Price
13,632
13,750
Age Miles
6 61,524
4 54,396
11,968
8 42,398
L Click here for the Excel Data File
a. 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.]
Price =
|Age +
Miles
b. Interpret the slope coefficient of Age.
The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price
of car decreases by $578.38.
O The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of
car decreases by $0.09.
The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price
of car decreases by $578.38, holding number of miles constant.
O The slope coefficient of Age is –0.09, which suggests that for every additional year of age, the predicted price of
car decreases by $0.09, holding number of miles constant.
c. Predict the selling
Price of a six-year-old sedan with 66,000 miles. (Round coefficient estimates to at least 4 decimal places and final
answer to 2 decimal places.)
Price](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9bbbd37-f607-43ee-8626-2318db97546f%2Ffea6d157-fbab-459e-8390-88c3bca27d5e%2Fbgf2f8.png&w=3840&q=75)
Transcribed Image Text:The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used
sedans.
Selling
Price
13,632
13,750
Age Miles
6 61,524
4 54,396
11,968
8 42,398
L Click here for the Excel Data File
a. 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.]
Price =
|Age +
Miles
b. Interpret the slope coefficient of Age.
The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price
of car decreases by $578.38.
O The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of
car decreases by $0.09.
The slope coefficient of Age is -578.38, which suggests that for every additional year of age, the predicted price
of car decreases by $578.38, holding number of miles constant.
O The slope coefficient of Age is –0.09, which suggests that for every additional year of age, the predicted price of
car decreases by $0.09, holding number of miles constant.
c. Predict the selling
Price of a six-year-old sedan with 66,000 miles. (Round coefficient estimates to at least 4 decimal places and final
answer to 2 decimal places.)
Price
Transcribed Image Text:Selling Price lAge
Miles
13632
61524
13750
4
54396
22987
8251
15332
24862
16424
3
22147
16584
23745
16969
47378
18428
4
16821
18821
3
35399
19882
4
29623
11884
55811
14985
46177
15947
37046
16489
45510
9494
6
86900
12978
4
77245
15768
9.
59692
10452
10
93278
8915
8.
48255
11968
42398
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