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Sagot :
Answer:
ŷ = -0.47876X + 11.17724
$6.4
Step-by-step explanation:
Given the data :
Car Age (years) Selling Price ($000) Car Age (years) Selling Price ($000)
1 9 8.1 7 8 7.6
2 7 6 8 11 8
3 11 3.6 9 10 8
4 12 4 10 12 6
5 8 5 11 6 8.6
6 7 10 12 6 8
The estimated regression equation using a linear regression calculator is :
y = -0.47876X + 11.17724
With - 0.47876 being the slope ; and 11.17724 being the intercept
y = predicted variable (price of car) ; x = predictor variable (Age of car)
Selling price of a 10 year old car : x = 10
ŷ = -0.47876(10) + 11.17724
Price = 6.38964
About 6.4(000) dollars ($6,400)
According to the regression equation : The starting price of cars is about $11.18 (intercept) with the proved of cars declining by a value of $0.479(negative slope value) each year.
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