Question
Miles (1000s) Price ($1000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110
Miles (1000s) Price ($1000s)
22 16.2
29 16.0
36 13.8
47 11.5
63 12.5
77 12.9
73 11.2
87 13.0
92 11.8
101 10.8
110 8.3
28 12.5
59 11.1
68 15.0
68 12.2
91 13.0
42 15.6
65 12.7
110 8.3
This data set consists of Miles(1000s) covered by a car and its resale value, Price ($1000). You will use this data to answer questions 9 and 10 listed below:
9. Draw a scatter plot to understand the relationship between the two variables. What type of relationship is it? (positive, negative; strong, weak, moderate)
10. Develop a regression model for predicting price based on distance covered. What will be the price of a car that has covered 60,000 miles?
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