Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

V Espanol The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were

image text in transcribed
V Espanol The Cadet is a popular model of sport utility vehicle, known for its relatively high resale value. The bivariate data given below were taken from a sample of sixteen Cadets, each bought new two years ago, and each sold used within the past month. For each Cadet in the sample, we have listed both the mileage x (in thousands of miles) that the Cadet had on its odometer at the time it was sold used and the price y (in thousands of dollars) at which the Cadet was sold used. With the aim of predicting the used selling price from the number of miles driven, we might examine the least-squares regression line, y = 41.03-0.47x. This line is shown in the scatter plot below. Mileage, X Used selling price, y (in thousands) (in thousands of dollars) 27.8 26.3 22.9 30.4 25.5 26.5 40 15.2 34.0 34.6 26.0 35- 24.1 27.3 21.1 30.6 Used selling price (in thousands of dollars) x x 24 5 30.4 26.6 30.1 27.9 29.5 20 23.5 33.8 37.6 22.9 20 23 30 35 46 38.8 21.7 Mileage 20.6 30.3 (in thousands) 23.6 28.8 29.3 27.8 Send data to calc... v ) (Send data to Excel Based on the sample data and the regression line, answer the following. (a) From the regression equation, what is the predicted used selling price (in thousands of dollars) X ? when the mileage is 26.8 thousand miles? Round your answer to one or more decimal places. (b) From the regression equation, what is the predicted used selling price (in thousands of dollars) when the mileage is 29.3 thousand miles? Round your answer to one or more decimal places

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

How To Prove It A Structured Approach

Authors: Daniel J Velleman

2nd Edition

0511159439, 9780511159435

More Books

Students also viewed these Mathematics questions

Question

Presentation Aids Practicing Your Speech?

Answered: 1 week ago