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# Use the following to answer the questions below:Data were collected on the age (in years) and price ...

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Use the following to answer the questions below:

Data were collected on the age (in years) and price (in thousands of dollars) of a random sample of 25 used Hyundai Elantras. A scatterplot of the data (with regression line) and computer output from a regression analysis are provided.

Use three decimal places when reporting the results from any calculations, unless otherwise specified.

The regression equation is Price = 15.3 - 1.71 Age

 Predictor Coef SE Coef T P Constant 15.2912 0.5840 26.18 0.000 Age -1.7126 0.1264 -13.55 0.000
S = 1.37179        R-Sq = 88.9%        R-Sq(adj) = 88.4%

Predicted Values for New Observations

 Age Fit SE Fit 95% CI 95% PI 3 10.154 0.306 (9.520, 10.787) (7.246, 13.061)

What is the estimated slope in this regression model? Interpret the slope in context.

▸ The estimated slope is 15.3.
The cost of a new used Hyundai Elantra is approximately $15,300. ▸ The estimated slope is 15.3. For each additional year of age, the predicted price of the car (used Hyundai Elantra) decreases by$1530.

▸ The estimated slope is -1.71.
For each additional year of age, the predicted price of the car (used Hyundai Elantra) decreases by $1,710. ▸ The estimated slope is -1.71. For each additional year of age, the predicted price of the car (used Hyundai Elantra) decreases by$1.71.
Textbook

## Statistics: Unlocking the Power of Data

Edition: 3rd
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