Question
Consider the following data set that contains information about a sample of ten 2016 Toyota Rav4 offered for sale. Vehicle Condition Color Mileage (x1000miles) Price
Consider the following data set that contains information about a sample of ten 2016 Toyota Rav4 offered for sale.
Vehicle | Condition | Color | Mileage (x1000miles) | Price (x$1000) |
1 | average | green | 10 | 30 |
2 | good | red | 12 | 29 |
3 | good | blue | 17 | 28 |
4 | excellent | blue | 25 | 27 |
5 | excellent | silver | 28 | 25 |
6 | good | black | 36 | 24 |
7 | average | black | 48 | 23 |
8 | good | white | 51 | 22 |
9 | average | green | 57 | 21 |
10 | poor | silver | 70 | 20 |
The scatter plot that summarizes the data with regard to mileage as the input variable and price as theoutput variable is provided
a. Is there an association between the two variables? If yes, is it positive or negative?
There appears to be Select an answer a positive association a negative association no association between the two variables.
b. Use technology to find the equation of the line of best fit, y=mx+by=mx+b, and the coefficient of determination and interpret the slope, the vertical intercept, and the coefficient of determination. (Round the answers to 3 decimal places.)
i. m=m= Select an answer $/mile $ miles miles/$ is the Select an answer price of a new car price of a used car depreciation rate appreciation rate ;
ii. b=b= Select an answer miles/$ miles $1000 $/mile is the Select an answer price of a new car price of a used car appreciation rate depreciation rate ;
iii.r=r= hence there is a Select an answer strong no weak linear relation.
c. Use the line of best fit to:
i. estimate the price of a car with 45500 miles.
Answer: dollars (Round the answer to the nearest unit.)
ii. estimate the mileage of a car whose price is 29500 dollars.
Answer: miles (Round the answer to the nearest unit.)
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