b. How much does the market price changes if a car has 100 more miles for

all else being equal? (4 points)

C. What is the predicted market price with 46,800 miles? (4 points)

2. Jarvis is shopping for a used car and feels that there is a relationship between the mileage and market price of the car. The following table provides data on previous car sales from the local area. Develop a simple regression model to predict the market price of the car based on its mileage. (10 points) Age (Years) Mileage Car Market Price $14,200 $14,000 $10,500 $9,300 11,600 1 2 22,800 1 35,000 3 42,700 4 3 $12,800 54,500 58,200 $10,900 6 $9,500 7 66,800 7 $7,900 73,100 6 $6,200 9 77,500 85,700 $7,500 10 9 What percentage of the market price variation is explained by the mileage . variable? (2 points) 2. Jarvis is shopping for a used car and feels that there is a relationship between the mileage and market price of the car. The following table provides data on previous car sales from the local area. Develop a simple regression model to predict the market price of the car based on its mileage. (10 points) Age (Years) Mileage Car Market Price $14,200 $14,000 $10,500 $9,300 11,600 1 2 22,800 1 35,000 3 42,700 4 3 $12,800 54,500 58,200 $10,900 6 $9,500 7 66,800 7 $7,900 73,100 6 $6,200 9 77,500 85,700 $7,500 10 9 What percentage of the market price variation is explained by the mileage . variable? (2 points)