The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age Price 1 10 10.8 2 6 9.1 3 12 4.3 4 16 5 5 8 5.1 6 7 11.5 7 9 11.6 8 13 8 9 12 8 10 16 3.9 11 4 12.8 12 4 11.1 Determine the regression equation. (Negative value should be indicated by a minus sign. Round your answers to 3 decimal places.) a= b= Estimate the selling price of a 9-year-old car (in $000). (Round your answer to 3 decimal places.) So for each additional year, the car price decreases ____ in value. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.
| Car | Age | Price |
| 1 | 10 | 10.8 |
| 2 | 6 | 9.1 |
| 3 | 12 | 4.3 |
| 4 | 16 | 5 |
| 5 | 8 | 5.1 |
| 6 | 7 | 11.5 |
| 7 | 9 | 11.6 |
| 8 | 13 | 8 |
| 9 | 12 | 8 |
| 10 | 16 | 3.9 |
| 11 | 4 | 12.8 |
| 12 | 4 | 11.1 |
Determine the regression equation. (Negative value should be indicated by a minus sign. Round your answers to 3 decimal places.)
a=
b=
Estimate the selling price of a 9-year-old car (in $000). (Round your answer to 3 decimal places.) So for each additional year, the car price decreases ____ in value.
Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
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