Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The occompanying dota file shows the price, the age, and the mileoge for 20 used sedans: click here for the Excel Dota File a. Estimate

image text in transcribed
image text in transcribed
image text in transcribed
The occompanying dota file shows the price, the age, and the mileoge for 20 used sedans: click here for the Excel Dota File a. Estimate the sample regression equotion that enables us to predict the price of a sedan on the bosis of its oge and mileage. Note: Negative values should be indicated by a minus sign. Round your answers to 2 decimal ploces. (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.] b. Interpret the slope coefficient of Age. The slope coefficient of Age is -621.80 , which suggests that for every additional year of age, the predicted price of car decreases by $62180. The slope coefficient of Age is -0.07 , which suggests that for every additional year of age, the predicted price of cor decreases by $0.07. The slope coefficient of Age is -621.80 , which suggests thot for every additional year of age, the predicted price of car decreases by $62180, holding number of miles constant. The slope coefficient of Age is -0.07 , which suggests thot for every additional year of age, the predicted price of car: b. Interpret the slope coefficient of Age. The slope coefficient of Age is -62180 , which suggents thot for every additional year of age, the predicted price of car decreoses by $62180 The slope coefficient of Age is -0.07 , which suggests that for every additional year of age, the predicted price of cor decreases by $0.07. The slope coefficient of Age is -62180; which suggests that for every additional year of oge, the predicted price of car decreases by $621.80, holding number of miles constant. The slope coefficient of Age is -0.07 , which suggests thot for every additional year of age, the predicted price of car decreases by $0.07, holding number of miles constant. c. Predict the price of a six-year-old sedon with 68,000 miles. Note: Do not round intermediate calculations. Round final answer to 2 decimal places. \begin{tabular}{|r|r|r|r|} \hline 1 & \multicolumn{1}{|c|}{ Price } & Age & Mileage \\ \hline 2 & 13611 & 4 & 61508 \\ \hline 3 & 13779 & 9 & 54308 \\ \hline 4 & 22987 & 3 & 8276 \\ \hline 5 & 153.49 & 7 & 24893 \\ \hline 6 & 16393 & 2 & 22109 \\ \hline 7 & 16596 & 2 & 23716 \\ \hline 8 & 16930 & 6 & 47443 \\ \hline 9 & 18489 & 3 & 16867 \\ \hline 10 & 18842 & 1 & 35371 \\ \hline 11 & 19813 & 1 & 29625 \\ \hline 12 & 11850 & 6 & 55769 \\ \hline 13 & 14977 & 5 & 46235 \\ \hline 14 & 15913 & 3 & 37024 \\ \hline 15 & 16492 & 5 & 45533 \\ \hline 16 & 9453 & 10 & 86891 \\ \hline 17 & 12972 & 4 & 77268 \\ \hline 18 & 15705 & 6 & 59603 \\ \hline 19 & 10519 & 9 & 93254 \\ \hline 20 & 8912 & 11 & 48233 \\ \hline 21 & 11913 & 9 & 42423 \\ \hline \end{tabular}

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_2

Step: 3

blur-text-image_3

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

Supply Chain Transformation Building And Executing An Integrated Supply Chain Strategy

Authors: J. Paul Dittmann

1st Edition

0071798307, 978-0071798303

More Books

Students also viewed these General Management questions