We consider a population of cars from a given model year. A sample of 24 such...

We consider a population of cars from a given model year. A sample of 24 such cars

has been recently sold. The sale price as a function of the age of the car is in the Excel

file S4.XLSX (Car) in the Excel directory.

a. Try a linear regression and an exponential (non-linear) regression with Excel to

fit these data. Comment your results.

b. Which regression model seems to fit the data better and why?

c. Run the LINEST function in Excel. Provide the result table.

Car sale price

Age (year)	Price ($)
1	119400
3	73200
5	51000
2	91800
8	36600
2	102000
3	73800
1	120600
6	42600
7	39600
4	61800
8	31200
5	48600
1	126000
5	52800
3	70200
6	43200
6	53400
7	40800
4	63400
7	36000
8	33000
4	64800
2	93000

Solutions

Expert Solution

milcah answered 9 months ago

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