Question
Data for age(in years) and price(in hundreds ofdollars) for a particular brand of car are provided in the accompanying data table. Presume that the assumptions
Data for age(in years) and price(in hundreds ofdollars) for a particular brand of car are provided in the accompanying data table. Presume that the assumptions for regression inferences have been met. Complete parts(a) through(f) below using the given data.
x(age) 6 6 6 2 2 5 4 5 1 4
y (price) 288 282 297 422 381 316 358 331 426 328
A) Obtain a point estimate for the mean price of all 1-year old cars of this brand.
B). Determine a 90% confidence interval for the mean price of all 5-year old cars of this brand.
c)Find the predicted price of a 5-year old car of this brand.
d) Determine a 90% prediction interval for the price of a 5-year old car of this brand.
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