Question
In: Statistics and Probability
An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age.
| age | 8 | 8 | 4 | 3 | 2 | 5 | 7 | 5 |
| price | 35 | 21 | 68 | 72 | 83 | 57 | 40 |
46 |
An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age. The research department at the company took a sample of eight cars of this model and collected the following information on the ages (in years) and prices (in hundreds of dollars) of these cars.
Find the least squares regression line equation in the form y^=a+bx. Use "Age" as the independent variable and "Price" as the dependent variable.
Round your answers to four decimal places.
y^=_____+(______)x
Predict the price of a 5 year-old car of this model.
Round your answer to one decimal place.
ypred=_______
Solutions
Expert Solution
The statistical software output for this problem is :
y hat = 99.8521 - 8.9718 x
y pred = 55.0
orchestra answered 2 years agoRelated Solutions
An auto manufacturing company wanted to investigate how the price of one of its car models...
An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
8
5
5
4
3
8
4
2
Price
32
48
60
60
65
25
64
71
Find the least squares regression line equation in the...
An auto manufacturing company wanted to investigate how the price of one of its car models...
An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
8
3
6
9
2
5
6
3
Price
18
96
48
22
149
40
35
98
Compute the coefficient of determination.
Round your answer to...
An auto manufacturing company wanted to investigate how the price of one of its car models...
An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
3
3
3
7
3
3
7
7
Price
72
80
76
31
68
69
41
31
Find the least squares regression line equation in the...
An auto manufacturing company wanted to investigate how the price of one of its car models...
An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
4
4
3
2
4
2
7
5
Price
70
62
78
75
54
72
42
44
Find the least squares regression line equation in the...
Question 1: An auto manufacturing company wanted to investigate how the price of one of its...
Question 1:
An auto manufacturing company wanted to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of eight cars of this model
and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Age
3
8
8
3
5
3
6
4
Price
80
22
32
69
57
64
53
63
Find the least squares regression line equation...
A vehicle manufacturing company wants to investigate how the price of one of its car models...
A vehicle manufacturing company wants to investigate how the
price of one of its car models depreciates with age. The research
department at the company took a sample of nine cars of this model
and collected the following information on the ages (in years) and
prices (in thousands of RM) of these cars.
Age 6 4 3 10 2 5 8 7 9 Price 39 93 99 19 148 47 18 37 20
(a) Construct a scatter diagram for these...
A construction company that installs drywall wanted to investigate how a person’s age affects how much...
A construction company that installs drywall wanted to
investigate how a person’s age affects how much dry wall they can
install in a week. On one hand, it would seem that the younger
workers would be able to install more but it seems that experience
would also play a role. Two samples were taken.
Ages 18-21
Sheets/Week
Ages 25-28
(Sheets/Week)
88
104
104
116
96
96
88
104
112
108
108
108
84
116
120
112
92
120
116
108...
A construction company that installs drywall wanted to investigate how a person’s age affects how much...
A construction company that installs drywall wanted to
investigate how a person’s age affects how much dry wall they can
install in a week. On one hand, it would seem that the younger
workers would be able to install more, but it seems that experience
would also play a role. Two samples were taken.
Ages 18-21 Ages 25-28
(sheets / wk) (sheets / wk)
88 104
104 116
96 96
88 104
112 108
108 108
84 116
120 112...
A construction company that installs drywall wanted to investigate how a person’s age affects how much...
A construction company that installs drywall wanted to
investigate how a person’s age affects how much dry wall they can
install in a week. On one hand, it would seem that the younger
workers would be able to install more, but it seems that experience
would also play a role. Two samples were taken.
Ages 18-21 Ages 25-28
(sheets / wk) (sheets / wk)
88 104
104 116
96 96
88 104
112 108
108 108
84 116
120 112...
A glass manufacturing company wanted to investigate the effect of zone 1 lower temperature (630 vs....
A glass manufacturing company wanted to investigate the effect
of zone 1 lower temperature (630 vs. 650) and zone 3 upper
temperature (695 vs. 715) on the roller imprint of glass.
Complete parts (a) through (e) below.
Zone 3 Upper Zone 1 Lower Roller
Imprint
695 ---------------------630 ---------------51
695 -------------------630
-----------25
695 -------------------630 ---------- 52
695 -------------------630
-----------129
695 -------------------650
-----------24
695 -------------------650
-----------26
695 -------------------650
-----------48
695 -------------------650
-----------22
715 -------------------630
-----------98...
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