Question

Classified ads at a certain website offered several used cars of a certain make and model. The accompanying table lists the ages of the cars and the advertised prices. Complete parts​ a) through​ g) below.

Age (years)   Price (dollars)
1   16,000
2   14,800
3   14,800
3   14,900
3   12,900
3   13,000
4   16,200
4   12,900
4   12,300
4   10,500
4   8,000
5   14,500
5   12,300
5   11,100
5   10,000
6   11,800
6   11,000
6   10,800
6   9,800
6   8,500
7   10,200
7   9,700
7   9,000
7   7,500
7   6,000

​a) Find the equation of the regression line.

Price = _ + ( _ ) Age

​(Round to two decimal places as​ needed.)

​c) Explain the meaning of the​ y-intercept of the line. Select the correct choice below​ and, if​ necessary, fill-in the answer box to complete your choice.

​(Round to two decimal places as​ needed.)

The model predicts that the advertised price of a brand new car of this make and model is _ dollars.

d) If you want to sell a six​-year-old car of this make and​ model, what price seems​ appropriate?

_ dollars

​(Round to the nearest dollar as​ needed.)

Answer 1

a)

Price =17375.43+(-1215.71)*age

b)

The model predicts that the advertised price of a brand new car of this make and model is 17375.43

d)

predicted val=17375.43+(-1215.71)*6=

10081