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

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.