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bklm1234 bklm1234
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A month ago
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

PredictorCoefSE CoefTP
Constant15.29120.584026.180.000
Age-1.71260.1264-13.550.000
S = 1.37179        R-Sq = 88.9%        R-Sq(adj) = 88.4%

Predicted Values for New Observations

AgeFitSE Fit95% CI95% PI
310.1540.306(9.520, 10.787)(7.246, 13.061)

A scatterplot with a regression line shows the relationship between Age and Price. The horizontal axis is labeled, Age and ranges from 0 to 9 in increments of 1. The vertical axis is labeled, Price and ranges from 0 to 16 in increments of 2. A regression line starts from (0, 15.5), decreases toward the right, and ends at (8, 2). The dots are vertically plotted, such that a few dots lie above the regression line, a few dots lie below the regression line, and a few dots lie on the regression line. The concentration of the dots is more between the points 2 and 6 on the horizontal axis and between the points, 4 and 12 on the vertical axis. The dots are plotted as follows: (0, 15.5), (1, 15), (1, 16), (2, 9.75), (2, 10), (2, 12), (2, 13), (3, 9), (3, 11), (3, 12), (4, 7), (4, 7.5), (4, 8.25), (4, 8.5), (4, 9), (5, 4), (5, 6), (5, 8), (6, 4), (6, 6), (6, 7), (7, 3.5), (7, 3.75), (8, 2), and (8, 3.5). All values are approximate.


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

Statistics: Unlocking the Power of Data


Edition: 3rd
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mlwpcdmlwpcd
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bklm1234 Author
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A month ago
Brilliant
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Thank you, thank you, thank you!
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You make an excellent tutor!
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