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blinkrb blinkrb
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3 weeks ago
Use the following to answer the questions below:

Data were collected on the mileage (in thousands of miles) and price (in thousands of dollars) of a random sample of used Hyundai Elantras. A scatterplot of the data (with regression line), some summary statistics, and partial computer output from a regression analysis are provided.

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

VariableMeanStDevMinimumMaximum
Price8.3044.0251.90015.900
Mileage60.0139.310.90138.20
The regression equation is Price = 13.8 - 0.0912 Mileage

Source DFSSMSFP
Regression1308.32308.3288.010.000
Residual Error2380.573.50
Total24388.89

A scatterplot with a regression line shows the relationship between Mileage and Price. The horizontal axis is labeled, Mileage and ranges from 0 to 140 in increments of 20. The vertical axis is labeled, Price and ranges from 0 to 16 in increments of 2. A regression line starts from (0, 13.8), decreases toward the right, and ends at (139.8, 1). The dots are randomly scattered, 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 dots are plotted between the points, 0 to 140 on the horizontal axis and between the points, 2 to 16 on the vertical axis. The concentration of the dots is more between the points 0 and 90 on the horizontal axis and between the points, 3 and 13 on the vertical axis. Three outliers are at the point, (0, 16), (2, 15), (3, 14.8). All values are approximate.


Use the equation of the least squares line to predict the price of a used Hyundai Elantra with 50,000 miles.

▸ $13,344

▸ $6,900

▸ $12,888

▸ 9,240
Textbook 
Statistics: Unlocking the Power of Data

Statistics: Unlocking the Power of Data


Edition: 3rd
Authors:
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mossaddsmossadds
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blinkrb Author
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3 weeks ago
Thanks
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Yesterday
Thanks
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2 hours ago
Good timing, thanks!
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