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The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012). DATA file

The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012). DATA file

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012). DATA file Miles (1,000s) Price ($1,000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110 8.3 28 12.5 59 11.1 68 15.0 68 12.2 91 13.0 42 15.6 65 12.7 110 8.3
Transcribed Image Text:The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012). DATA file Miles (1,000s) Price ($1,000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110 8.3 28 12.5 59 11.1 68 15.0 68 12.2 91 13.0 42 15.6 65 12.7 110 8.3
(d) How much of the variation in the sample values of price does the model estimated in part (b) explain? If required, round your answer to two decimal places. 53.86 (e) For the model estimated in part (b), calculate the predicted price and residual for each automobile in the data. Identify the two automobiles that were the biggest bargains. If required, round your answer to the nearest whole number. The best bargain is the Camry # 12 in the data set, which has 14.82 miles, and sells for $ 14.82 less than its predicted price. The second best bargain is the Camry # 4 in the data set, which has 14.82 miles, and sells for $ 14.82 less than its predicted price. (f) Suppose that you are considering purchasing a previously owned Camry that has been driven 50,000 miles. Use the estimated regression equation developed in part (b) to predict the price for this car. If required, round your answer to one decimal place. Do not round intermediate calculations. Predicted price: $ 14149 Is this the price you would offer the seller? Yes Explain.
Transcribed Image Text:(d) How much of the variation in the sample values of price does the model estimated in part (b) explain? If required, round your answer to two decimal places. 53.86 (e) For the model estimated in part (b), calculate the predicted price and residual for each automobile in the data. Identify the two automobiles that were the biggest bargains. If required, round your answer to the nearest whole number. The best bargain is the Camry # 12 in the data set, which has 14.82 miles, and sells for $ 14.82 less than its predicted price. The second best bargain is the Camry # 4 in the data set, which has 14.82 miles, and sells for $ 14.82 less than its predicted price. (f) Suppose that you are considering purchasing a previously owned Camry that has been driven 50,000 miles. Use the estimated regression equation developed in part (b) to predict the price for this car. If required, round your answer to one decimal place. Do not round intermediate calculations. Predicted price: $ 14149 Is this the price you would offer the seller? Yes Explain.
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