While investigating how a car's odometer reading (mileage) affects its sale price, a researcher collects data for the sale price of 48 used (preowned) 2019
While investigating how a car's odometer reading (mileage) affects its sale price, a researcher collects data for the sale price of 48 used (preowned) 2019 Hyundai Sonatas of the same trim level (package). Mileage is in thousands of km and Sale Price is in thousands of dollars. Click here to reveal the data Download CSV file Use software to generate a linear regression output for the data. Report numeric answers accurate to at least 4 decimal places or copy output results and paste directly into the boxes. 1. The dependent variable is Sale Price v 2. The slope of the regression equation for the linear relationship = 0.0832 This indicates that the relationship is |negative Thus, as Mileage decreases, Sale Price |increases V on average. 3. The y-intercept = 27.6164 Considering these are used cars, does the y- intercept have a practical meaning for these data? No, it does not. v Why? Because the slope can be negative. V X 4. The correlation coefficient = -0.6712 This indicates a neutral V * linear relationship. 5. The percentage of the variation in Sale Price that is explained by Mileage (to 2 decimal places) is 45.05 % . 6. Use the unrounded results from regression output to predict the sale price of one of these cars with a mileage of 36,210 km. Report your answer to the nearest dollar. Do not round intermediate results. Predicted Sale Price = $ 24603
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