Question
Consider the following data set that contains information about a sample of ten 2015 Subaru Outback offered for sale. Vehicle Condition Color Mileage (x1000miles) Price
Consider the following data set that contains information about a sample of ten 2015 Subaru Outback offered for sale.
Vehicle | Condition | Color | Mileage (x1000miles) | Price (x$1000) |
1 | poor | red | 10 | 30 |
2 | excellent | black | 12 | 29 |
3 | poor | green | 16 | 28 |
4 | poor | white | 20 | 27 |
5 | poor | white | 37 | 26 |
6 | average | green | 44 | 24 |
7 | average | red | 48 | 23 |
8 | good | green | 62 | 22 |
9 | good | blue | 63 | 21 |
10 | poor | green | 69 | 20 |
The scatter plot that summarizes the data with regard to mileage as the input variable and price as theoutput variable is provided below.101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869702021222324252627282930Mileage, [x1000 miles]Price, [x$1000]
a. Is there an association between the two variables? If yes, is it positive or negative?
There appears to be Select an answer a negative association a positive association no association between the two variables.
b. Use technology to find the equation of the line of best fit, y=mx+by=mx+b, the correlation, and interpret the slope, the vertical intercept, and correlation. (Round the answers to 3 decimal places.)
i. m=m= Select an answer miles/$ miles $ $/mile is the Select an answer price of a used car price of a new car appreciation rate depreciation rate ;
ii. b=b= Select an answer miles $/mile miles/$ $1000 is the Select an answer depreciation rate appreciation rate price of a used car price of a new car ;
iii.r=r= hence there is a Select an answer weak no strong linear relation.
c. Use the line of best fit to:
i. estimate the price of a car with 64500 miles.
Answer: dollars (Round the answer to the nearest unit.)
ii. estimate the mileage of a car whose price is 28500 dollars.
Answer: miles (Round the answer to the nearest unit.)
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