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The accompanying table shows a portion of dots consisting of the price, the age, and the mileage for 20 used sedans. Price Age Mileage 13558
The accompanying table shows a portion of dots consisting of the price, the age, and the mileage for 20 used sedans. Price Age Mileage 13558 4 61466 SELET 11987 42378 Click here for the Excel Doto File a. Determine the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. (Negative values should be Indicated by a minus sign. Round your answers to 2 decimal places.) [If you are using R to obtain the output, then first enter the following command at the prompt: options(scipen=10). This will ensure that the output is not In scientific notation.] Price = Age +F Miles b. Interpret the slope coefficient of Age. The slope coefficient of Age is -676.35, which suggests that for every additional year of age, the predicted price of car decreases by $676.35. The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of car decreases by $0.09. The slope coefficient of Age is -676.35, which suggests that for every additional year of age, the predicted price of car decreases by $676.35, holding number of miles constant The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of car decreases by $0.09, holding number of miles constant. c. Predict the selling price of a eight-year-old sedan with 64,000 miles. (Do not round Intermediate calculations. Round final answer to 2 decimal places.) PricePrice Age Mileage 13550 4 61466 13775 7 54389 22919 2 8257 15275 4 24840 16366 7 22060 16601 3 23656 16961 7 47443 18457 3 16875 18820 2 35373 19811 1 29661 11839 9 55840 14903 7 46197 15880 4 37014 16530 45513 9450 6 86927 12988 6 77266 15761 5 59699 10547 6 93226 8967 48290 11987 9 42370
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