Question
In: Statistics and Probability
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.
Car Age (years) Selling price
1 9 11.6
2 5 10.0
3 12 3.2
4 15 3.7
5 7 7.0
6 6 12.5
7 8 7.8
8 13 8.4
9 12 8.4
10 15 4.8
11 4 9.2
12 4 7.3
a) Determine regression equation?
a=
b=
b) Estimate the selling price for 8 years old car
c) Interpret the regression equation
There is way to find in excel formula to find the regression equation please help me on that
Solutions
Expert Solution
The regression equation is found using excel and the results are as follows.
orchestra answered 1 year agoRelated Solutions
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Mercury-Volvo wants to study the
relationship between the age of a car and its selling price. Listed
below is a random sample of 12 used cars sold at the dealership
during the last year.
Car Age (years) Selling price
1 9 11.6
2 5 10.0
3 12 3.2
4 15 3.7
5 7 7.0
6 6 12.5
7 8 7.8
8 13 8.4
9 12 8.4
10 15 4.8
11 4 9.2
12 4 7.3...
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Mercury-Volvo wants to study the
relationship between the age of a car and it selling price. Listed
below is a random sample of 12 used cars sold at the dealership
during the last year.
Car
Age (Years)
Selling Price ($000)
1
9
8.1
2
7
6.0
3
11
3.6
4
12
4.0
5
8
5.0
6
7
10.0
7
8
7.6
8
11
8.0
9
10
8.0
10
12
6.0
11
6
8.6
12
6
8.0...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
13
13.1
2
10
11.8
3
15
5.7
4
17
4.9
5
11
6.8
6
10
14.0
7
11
11.4
8
15
9.8
9
15
9.8
10
17
4.5
11
8
13.0
12
8
11.0...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year. Car: 1. 2, 3, 4,5,6,7,8,9,10,11,12
Age (years):9,6,11,15,8,6,8,12,9,15,5,5
Selling Price ($000): 10.4, 8.6, 4.3, 3.5, 5.1, 11.0, 9.1, 7.5,
7.5, 2.1,11.1, 10.1
Click here for the Excel Data File Determine the regression
equation. (Negative amounts should be indicated by a minus sign.
Round...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
11
12.1
2
8
10.5
3
14
5.7
4
17
4.9
5
9
5.0
6
8
13.4
7
10
10.5
8
14
9.0
9
13
9.0
10
17
4.5
11
6
12.5
12
6
11.5...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
15
12.0
2
10
10.1
3
17
5.4
4
19
4.9
5
12
5.6
6
11
12.6
7
13
9.7
8
17
9.0
9
16
9.0
10
19
4.9
11
8
11.4
12
8
9.9...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
9
12.0
2
8
10.9
3
10
4.6
4
12
4.3
5
9
5.6
6
8
13.5
7
9
8.9
8
11
9.7
9
10
9.7
10
12
2.7
11
6
10.6
12
6
8.9...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
9
8.1
2
7
6.0
3
11
3.6
4
12
4.0
5
8
5.0
6
7
10.0
7
8
7.6
8
11
8.0
9
10
8.0
10
12
6.0
11
6
8.6
12
6
8.0...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price
($000)
1
11
12.2
2
8
11.0
3
16
4.9
4
18
4.1
5
9
6.7
6
8
13.6
7
10
11.1
8
16
9.0
9
14
9.0
10
18
4.2
11
6
12.1
12
6
10.4...
The owner of Maumee Motors wants to study the relationship between the age of a car...
The owner of Maumee Motors wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at Maumee Motors last
year:
Car
Age (years)
Selling Price ($ ‘000)
Car
Age (years)
Selling Price ($ ‘000)
1
9
8.1
7
8
7.6
2
7
6.0
8
11
8.0
3
11
3.6
9
10
8.0
4
12
4.0
10
12
6.0
5
8
5.0
11
6
8.6...
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