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For a particular red wine, the following data show the auction price for a 750 mililiter bottle and the age of the wine in
For a particular red wine, the following data show the auction price for a 750 mililiter bottle and the age of the wine in June of 2016. Age (years) Price (5) 36 256 20 142 29 212 33 255 41 331 27 173 30 209 45 297 32 34 237 22 182 (a) Develop a scatter diagram for these data with age as the independent variable. Age (years) 50 40 30 20 10 0 50 50 30 330p 300 40 230 30 200 20 150 100 10 50 0 0 100 150 200 250 300 350 50 100 150 200 250 300 350 0 10 20 30 40 30 Price (5) Price (5) Age (years) Price ($) 350 300 250 200 150 100 50 0 0 10 10 20 30 40 50 Age (years) (b) What does the scatter diagram developed in part (a) indicate about the relationship between age and price? The scatter diagram indicates a nonlinear relationship between age and price. O The scatter diagram indicates a positive linear relationship between age and price. O The scatter diagram indicates no apparent relationship between age and price. The scatter diagram indicates a negative linear relationship between age and price. (c) Develop the least squares estimated regression equation. (Let x age (in years), and let y-price (in $). Round your numerical values to two decimal places.) 9- (d) Provide an interpretation for the slope of the estimated equation. Round the numerical value to two decimal places. For every additional -Select-of-Select- the -Select- of a bottle of wine -Select- -Select-
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