To estimate the relationship between Mustang price and mileage you set up the appropriate regression model. 0. In statistics, a proxy variable is a variable that is not in itself directly relevant, but that serves in place of an unobservable or immeasurable variable. In view of your analysis above, do you think that vehicle age is a suitable proxy for mileage? Explain. [2 marks] \begin{tabular}{rrr} Miles & Age & \multicolumn{2}{c}{ Price } \\ 71.2 & 6.0 & 16.0 \\ 23 & 3.0 & 22.0 \\ 82.8 & 9.0 & 11.9 \\ 115.1 & 14.0 & 4.9 \\ 1.1 & 1.0 & 37.9 \\ 111 & 15.0 & 10.0 \\ 117.4 & 12.0 & 7.0 \\ 61.9 & 9.0 & 7.0 \\ 78.2 & 9.0 & 9.0 \\ 18.2 & 4.0 & 32.5 \\ 72.9 & 12.0 & 12.9 \\ 7 & 2.0 & 24.8 \\ 102 & 14.0 & 8.2 \\ 136.2 & 10.0 & 5.0 \\ 72.7 & 13.0 & 8.0 \\ 8.5 & 6.0 & 32.0 \\ 26.4 & 1.0 & 21.0 \\ 38.5 & 5.0 & 14.9 \\ 86.4 & 10.0 & 9.7 \\ 26.1 & 1.0 & 23.0 \end{tabular} To estimate the relationship between Mustang price and mileage you set up the appropriate regression model. 0. In statistics, a proxy variable is a variable that is not in itself directly relevant, but that serves in place of an unobservable or immeasurable variable. In view of your analysis above, do you think that vehicle age is a suitable proxy for mileage? Explain. [2 marks] \begin{tabular}{rrr} Miles & Age & \multicolumn{2}{c}{ Price } \\ 71.2 & 6.0 & 16.0 \\ 23 & 3.0 & 22.0 \\ 82.8 & 9.0 & 11.9 \\ 115.1 & 14.0 & 4.9 \\ 1.1 & 1.0 & 37.9 \\ 111 & 15.0 & 10.0 \\ 117.4 & 12.0 & 7.0 \\ 61.9 & 9.0 & 7.0 \\ 78.2 & 9.0 & 9.0 \\ 18.2 & 4.0 & 32.5 \\ 72.9 & 12.0 & 12.9 \\ 7 & 2.0 & 24.8 \\ 102 & 14.0 & 8.2 \\ 136.2 & 10.0 & 5.0 \\ 72.7 & 13.0 & 8.0 \\ 8.5 & 6.0 & 32.0 \\ 26.4 & 1.0 & 21.0 \\ 38.5 & 5.0 & 14.9 \\ 86.4 & 10.0 & 9.7 \\ 26.1 & 1.0 & 23.0 \end{tabular}