Listed below are the price quotations on an Internet site for a midsize foreign used car along with their age and odometer mileage.

Perform a multiple regression analysis of these data. In particular
(a) Determine the equation for predicting the price from age and mileage. Interpret the meaning of the coefficients β̂₁ and β̂₂.
(b) Give 95% confidence intervals for β̂₁ and β̂₂•
(c) Obtain R² and interpret the result.
Using R: With data in x₁, x₂ and y summary( lm(y ~ x_l + x₂))

Transcribed Image Text:

Age (years) x₁ 123NT667 2 4 4 5 Mileage x₂ (thousand miles) 10 56 19 37 88 69 118 32 101 81 Price y (thousand of dollars) 20 17 19 18 16 15 14 16 12 13