A statistical program is recommended.Car manufacturers produced a variety of classic cars that continue to increase in value. Suppose the following data is based upon the Martin Rating System for Collectible Cars, and shows the rarity rating (1-20) and the high price ($1,000) for 15 classic cars.

Model	Rating	Price ($1,000)
A	19	2,625.0
B	18	1,000.0
C	18	1,600.0
D	16	125.0
E	18	350.0
F	17	165.0
G	13	95.0
H	16	375.0
I	14	37.0
J	15	102.5
K	16	275.0
L	19	4,000.0
M	19	1,275.0
N	17	425.0
O	17	400.0

(a) Develop a scatter diagram of the data using the rarity rating as the independent variable and price as the independent variable. 4500 4500 4500 4000 4000 4000 3500 3500 3500 3000 3000 3000 2500 2500 2500 Price ($1,000) Price ($1,000) Price ($1,000) 2000 2000 2000 1500 1500 1500 1000 1000 1000 500 500 500 0 0 12 14 16 18 20 12 14 16 18 20 12 14 16 18 20 O Rating Rating RatingDoes a simple linear regression model appear to be appropriate? 0 No, there appears to be a curvilinear relationship between the two variables. 0 Yes, there appears to be a linear relationship between the two variables. (9 No, there doesn't appear to be a relationship between the two variables. (b) Develop an estimated multiple regression equation with x = rarity rating and x2 as the two independent variables. (Round b0 and b1 to the nearest integer and 72 to one decimal place.) fl = 33521 * 4527x + 152.0x2 X (c) Consider the nonlinear relationship shown by equation (16.7): EU') = 5051)! Use logarithms to develop an estimated regression equation for this model. (Round [70 to three decimal places and b1 to four decimal places.) ogt?)= 10g(0.007) +10g(1.9112x) X (d) Do you prefer the estimated regression equation developed in part (b) or part (c)? Exp ain. O The model in part (b) is preferred because I2 is lower and the p-value is lower. 0 The model in part (b) is preferred because [2 is higher and the p-value is lower. 0 The model in part (c) is preferred because r2 is lower and the p-value is lower. The model in part (c) is preferred because :2 is higher and the p-value is lower. J