Question
The data below contains mileage, age, and selling price for a sample of 33 sedans. Price Mileage Age 16,998 35,000 3 17,599 16,000 3 15,998
The data below contains mileage, age, and selling price for a sample of 33 sedans.
Price | Mileage | Age |
---|---|---|
16,998 | 35,000 | 3 |
17,599 | 16,000 | 3 |
15,998 | 42,000 | 3 |
15,998 | 61,000 | 4 |
11,599 | 102,000 | 7 |
13,998 | 109,000 | 4 |
14,998 | 60,000 | 5 |
11,599 | 88,000 | 9 |
12,599 | 58,000 | 8 |
14,998 | 27,000 | 6 |
15,998 | 32,000 | 4 |
Price | Mileage | Age |
---|---|---|
11,599 | 95,000 | 8 |
10,499 | 123,000 | 8 |
14,599 | 54,000 | 5 |
10,599 | 68,000 | 11 |
16,998 | 40,000 | 4 |
20,998 | 7,000 | 1 |
11,599 | 81,000 | 9 |
12,599 | 70,000 | 6 |
13,599 | 86,000 | 5 |
11,599 | 92,000 | 7 |
9,599 | 120,000 | 10 |
Price | Mileage | Age |
---|---|---|
18,998 | 20,000 | 2 |
12,599 | 63,000 | 7 |
12,599 | 70,000 | 6 |
10,998 | 88,000 | 10 |
11,998 | 86,000 | 6 |
12,998 | 60,000 | 6 |
17,599 | 45,000 | 2 |
9,998 | 96,000 | 11 |
9,998 | 60,000 | 11 |
16,998 | 36,000 | 2 |
17,599 | 45,000 | 2 |
Use the estimated regression equation that predicts the selling price of a used sedan given the mileage and age of the car to answer the following questions. (Let x1 represent the mileage of the car, x2 represent the age of the car, and y represent the selling price of the car.)
= 20385.250.03739x1686.3367x2
(a)Estimate the selling price (in $) of afive-year-old sedan with mileage of50,000miles. (Round your answer to the nearest dollar.)$
(b)Develop a 95% confidence interval for the selling price (in $) of a car with the data in part (a). (Round your answers to the nearest dollar.)$ to $
(c)Develop a 95% prediction interval for the selling price (in $) of a particular car having the data in part (a). (Round your answers to the nearest dollar.)$ to $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started