In Exercise 4.59, you determined a regression equation that can be used to predict the price of a Corvette, given its age.

a. Should that regression equation be used to predict the price of a 4-year-old Corvette? or a 10-year-old Corvette? Explain your answers.

b. For which ages is the use of the regression equation to predict price reasonably?

Exercise 4.59

The Kelley Blue Book provides information on wholesale and retail prices of cars. Following are age and price data for 10 randomly selected Corvettes between 1 and 6 years old. Here, x denotes age, in years, and y denotes price, in hundreds of dollars. For part (g), predict the prices of a 2-year-old Corvette and a 3-year-old Corvette.