The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of sixteen Cadets, each bought new two years ago, and each sold used within the past month. For each Cadet in the sample, we have listed both the mileage x (in thousands of miles) that the Cadet had on its odometer at the time it was sold used and the price y (in thousands of dollars) at which the Cadet was sold used. With the aim of predicting the used selling price from the number of miles driven, we might examine the least-squares regression line, y = 41.51-0.49x. This line is shown in the scatter plot below. Mileage, x (in thousands) Used selling price, y (in thousands of dollars) 24.2 27.6 26.9 30.0 28.1 25.5 20.5 30.4 15.5 34.5 21.1 31.0 24.1 29.8 23.4 28.3 37.8 23.3 27.7 29.5 20- 23.6 33.2 39.3 21.3 23.3 31.3 Mileage (in thousands) 25.7 26.4 34.4 25.4 29.4 28.8 Send data to calculator Send data to Excel Based on the sample data and the regression line, answer the following. (a) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is ? 17.7 thousand miles? Round your answer to one or more decimal places. (b) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is 23.6 thousand miles? Round your answer to one or more decimal places. Used selling price (in thousands of dollars)
The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of sixteen Cadets, each bought new two years ago, and each sold used within the past month. For each Cadet in the sample, we have listed both the mileage x (in thousands of miles) that the Cadet had on its odometer at the time it was sold used and the price y (in thousands of dollars) at which the Cadet was sold used. With the aim of predicting the used selling price from the number of miles driven, we might examine the least-squares regression line, y = 41.51-0.49x. This line is shown in the scatter plot below. Mileage, x (in thousands) Used selling price, y (in thousands of dollars) 24.2 27.6 26.9 30.0 28.1 25.5 20.5 30.4 15.5 34.5 21.1 31.0 24.1 29.8 23.4 28.3 37.8 23.3 27.7 29.5 20- 23.6 33.2 39.3 21.3 23.3 31.3 Mileage (in thousands) 25.7 26.4 34.4 25.4 29.4 28.8 Send data to calculator Send data to Excel Based on the sample data and the regression line, answer the following. (a) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is ? 17.7 thousand miles? Round your answer to one or more decimal places. (b) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is 23.6 thousand miles? Round your answer to one or more decimal places. Used selling price (in thousands of dollars)
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter1: Functions
Section1.2: The Least Square Line
Problem 7E
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Transcribed Image Text:The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of
sixteen Cadets, each bought new two years ago, and each sold used within the past month. For each Cadet in the sample, we have listed both the mileage x (in
thousands of miles) that the Cadet had on its odometer at the time it was sold used and the price y (in thousands of dollars) at which the Cadet was sold used.
With the aim of predicting the used selling price from the number of miles driven, we might examine the least-squares regression line, y = 41.51-0.49x. This
line is shown in the scatter plot below.
Mileage, x
(in thousands)
Used selling price, y
(in thousands of dollars)
24.2
27.6
26.9
30.0
28.1
25.5
40+
20.5
30.4
15.5
34.5
21.1
31.0
24.1
29.8
30-
23.4
28.3
37.8
23.3
27.7
29.5
20-
23.6
33.2
39.3
21.3
23.3
31.3
Mileage
(in thousands)
25.7
26.4
34.4
25.4
29.4
28.8
Send data to calculator
Send data to Excel
Based on the sample data and the regression line, answer the following.
(a) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is
17.7 thousand miles? Round your answer to one or more decimal places.
(b) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is
23.6 thousand miles? Round your answer to one or more decimal places.
Used selling price
(in thousands of dollars)
X x
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