MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
Bartleby Related Questions Icon

Related questions

Question
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
expand button
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.
expand button
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.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Similar questions
Recommended textbooks for you
Text book image
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Text book image
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Text book image
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Text book image
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
Text book image
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Text book image
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman