F) suppose you are considering purchasing a 2007 camry that has been driven 60,000 miles. Use the above least square line to predict fair price that you are willing to pay. Explain why it is fairG)compute SSE and standard error of regression

1. The Toyota Camry is one of the best-selling cars in North America. The cost Of owned Camry depends on many factors, such as model year, options, mileage and condition. To investigate the relationship between mileages and the sales prices for 2007 Camry, the following data of 11 sales were collected: Miles (1000s) Price ($1000s) 21 16.2 29 16 36 13.8 47 11.5 63 12.5 77 12.7 73 11.2 87 13 92 11.6 101 10.8 110 8.3 a. Use your common sense to determine which variable is the predictor (X) and which variable is the dependent variable (Y). (3 pints) b. Compute the summary statistics the mean of x and y; the Exy , and Ex2 (4 points) c. Compute the least-square slope and intercept: y = a + bx from (b) above. ((If you simply give me your slope and intercept without calculations, you get zero. You must write down the formula of slope and intercept, and prove to me that you know how to compute them from summary statistics you got in (b). I am testing your ability to calculate, not your ability to find answer. Simply use program like Excel won't do it.) (4 points) d. Plot the data and the above least-square line in an x-y scatter plot. (3 points) e. Give a verbal interpretation of the regression slope in the context of the problem. (4 points) (what is the key word? Without it you loss 3 points) f. Suppose you are considering purchasing a 2007 Camry that has been driven 60,000 illing to