Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A linear model to predict the price of a certain car (in $) from its mileage (in miles) was fit to 18 cars that were
A linear model to predict the price of a certain car (in $) from its mileage (in miles) was fit to 18 cars that were available during a certain week within 200 miles of a certain city. The model was Price = 21,380.92 - 0.11087 Mileage. The 18 cars had an average Price of $19,868.99 (SD = $1928.63), and the correlation between Price and Mileage was - 0.882. If the Mileage of a car was 2 SD above the average number of miles, what Price would you predict for it? The predicted Price would be $ (Round to the nearest cent as needed.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started