Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

begin{tabular}{|c|r|r|r|} hline & multicolumn{1}{|c|}{ A } & multicolumn{1}{|c|}{ B } & multicolumn{1}{c|}{ C } hline 1 & multicolumn{1}{|c|}{ Price } & multicolumn{1}{|c|}{ Age }

image text in transcribed
image text in transcribed
\begin{tabular}{|c|r|r|r|} \hline & \multicolumn{1}{|c|}{ A } & \multicolumn{1}{|c|}{ B } & \multicolumn{1}{c|}{ C } \\ \hline 1 & \multicolumn{1}{|c|}{ Price } & \multicolumn{1}{|c|}{ Age } & \multicolumn{1}{c|}{ Mileage } \\ \hline 2 & 13638 & 6 & 61530 \\ \hline 3 & 13714 & 8 & 54368 \\ \hline 4 & 22949 & 3 & 8212 \\ \hline 5 & 15286 & 7 & 24865 \\ \hline 6 & 16376 & 2 & 22104 \\ \hline 7 & 16580 & 2 & 23701 \\ \hline 8 & 16913 & 2 & 47420 \\ \hline 9 & 18427 & 3 & 16849 \\ \hline 10 & 18880 & 4 & 35437 \\ \hline 11 & 19887 & 2 & 29612 \\ \hline 12 & 11847 & 6 & 55802 \\ \hline 13 & 14943 & 1 & 46250 \\ \hline 14 & 15920 & 4 & 37046 \\ \hline 15 & 16544 & 3 & 45465 \\ \hline 16 & 9491 & 8 & 86863 \\ \hline 17 & 12905 & 7 & 77206 \\ \hline 18 & 15775 & 5 & 59668 \\ \hline 19 & 10522 & 7 & 93238 \\ \hline 20 & 8907 & 10 & 48269 \\ \hline 21 & 11919 & 7 & 42431 \\ \hline \end{tabular} The accompanying data file shows the price, the age, and the mileage for 20 used sedans. cilck here for the Excel Data File a. Estimate the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. Note: Negative values should be indicated by a minus sign. Round your answers to 2 decimal places, (If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not in scientific notation.] b. Interpret the slope coefficient of Ago. The slope coefficient of Age is 683,95, which suggests that for every additional year of age, the predicted price of car decreases by $683.95. The slope coefficlent of Age is -0.07 , which suggests that for every additional year of age, the predicted price of car decreases by $0.07. The slope coefficient of Age is -683.95 , which suggests that for every additional year of age, the predicted price of car decreases by $683.95, holding number of miles constant. The slope coefficient of Age is -0.07 , which suggests that for every additional year of age, the predicted price of car decreoses by $0.07, holding number of miles constant. c. Predict the price of a eight-year-old sedan with 63,000 miles. Note: Do not round intermediate calculations. Round final answer to 2 decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

General Aviation Marketing And Management

Authors: C. Daniel Prather

3rd Edition

9781575243016

More Books

Students also viewed these General Management questions

Question

Define learning and list at least three learning principles

Answered: 1 week ago