MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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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 |
Click here for the Excel Data File
a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)
a=
b=
Estimate the selling price of an 7-year-old car (in $000). (Round your answer to 3 decimal places.)
Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
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