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# 2. The following table shows the 2002 private-party resale value of a 2000 Jeep Grand Cherokee Lared

wrote...
Express Lane Plus
Posts: 485
Rep: 2 0
4 weeks ago
 2. The following table shows the 2002 private-party resale value of a 2000 Jeep Grand Cherokee Lared 2. The following table shows the 2002 private-party resale value of a 2000 Jeep Grand Cherokee Laredo in excellent condition as a function of the mileage.Mileage (1000s of miles)Resale value (dollars)2018,5204017,1206014,6708013,29510012,74512012,270a) Why is a quadratic model a good fit for the data?b) Would another model be a good choice for the data? Why or why not?c) Find a quadratic model for the data.d) Use your model to estimate the resale value for this Jeep at 52,000 miles.e) Does your model have any limitations? (Base your answer on a plot of the data and the model.) Attached file Thumbnail(s): You must login or register to gain access to this attachment. Read 63 times 1 Reply
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wrote...
Educator
4 weeks ago
 For this, I had no choice but to use excel.(a) The data fits the shape of a parabola when graphed. Eventually, the more miles you drive, the car will reach its minimum value, and that's what happens with quadratics, that is, they have either 1 maximum or 1 minimum.(b) You may also use exponential decay model, because that too eventually reaches a minimum, but never quite reaches 0 (albeit, depends on the limits).(c) Using excel: y = 5E-07x2 - 0.1418x + 21383, which means: $$y=0.0000005x^2-0.1418x+21383$$(d) x @ 52,000 >$$15361.40$$(e) Limitations is that restrictions haven't been set. Technically, you could place a negative x value and it'll output a negative mileage. Furthermore, it doesn't take into account that as miles increase, classic cars or vintage cars actually rise in value. Attached file Book1.xlsx (12.93 KB) You must login or register to gain access to this attachment.
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