Price Age Mileage

13529861452

13835554323

2291238292

15345724865

16398622132

16620123658

16967647373

18460116828

18873635404

19881629616

11837855840

14907446167

15900736969

16524445492

9426886931

12946577202

15724759699

10529993204

89051048262

119671042372

The accompanying data file shows the price, the age, and the mileage for 20 used sedans.

Estimate the sample regression equation that enables us to predict the price of the sedan on the basis of its age and mileage.

Price =_______+_________ Age +______ miles

Interpret the slope coefficient of Age:

a. The slope coefficient of age is -528.13 which suggests that for every additional year of age, the predicted price of car decreases by $528.13.

b. The slope coefficient of Age is -.09 which suggests that for every additional year of age, the predicted price of car decreases by $0.09.

c. The slope coefficient of Age is -528.13 which suggests that for every additional year of age, the predicted price of car decreases by $528.13, holding number of miles constant.

d. The slope coefficient of Age is -.09, which suggests that for every additional year of age the predicted price of car decrease by $.09, holding number of miles constant.

Predict the price of a seven year old sedan with 66,000 miles.

Price =_________