Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Precalculus A Right Triangle Approach

Authors: Jogindar Ratti, Marcus S McWaters

2nd Edition

0321899814, 9780321899811

More Books

Students also viewed these Mathematics questions

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago