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Concept explainers
Used-Car Values A student wishes to buy a used car. He finds a consumer website that says the price of a used car is deter-mined by its age according to the following formula:
Predicted price in thousands of dollars
This is the deterministic component of a regression model for predicting price on the basis of the age of the car. What factors might contribute to the random component? In other words, why might the price of the car he buys not fall exactly on this line?
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Chapter 14 Solutions
EP INTRODUCTORY STATISTICS-MYSTATLAB
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