Question

In: Statistics and Probability

You would like to examine the relationship between the age and price for used cars sold...

  1. You would like to examine the relationship between the age and price for used cars sold in the last year by a car dealership company.

Here is the table of the data:

Car Age (in years)

Price (in dollars)

3

8100

4

6300

4

5700

5

4500

7

4200

7

4100

8

3800

9

3400

10

2100

11

1800

12

1500
  1. If you want to estimate the price of the cars based on the cars age in years, which variable is the response or dependent variable and which variable is the independent or predictor variable?
  2. Write the model
  3. run the regression
  4. Plot the data points
  5. What can be your conclusions?

Solutions

Expert Solution


orchestra answered 2 years ago
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