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Use the following to answer the questions below:Data were collected on the mileage (in thousands of ...

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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.

 Variable Mean StDev Minimum Maximum Price 8.304 4.025 1.900 15.900 Mileage 60.01 39.31 0.90 138.20
The regression equation is Price = 13.8 - 0.0912 Mileage

 Source DF SS MS F P Regression 1 308.32 308.32 88.01 0.000 Residual Error 23 80.57 3.50 ​ ​ Total 24 388.89 ​ ​ ​

Use the following computer output to identify and interpret a 95% interval for the price of a single used Hyundai Elantra with 70,000 miles.

 Mileage Fit SE  Fit 95% CI 95% PI 70 7.393 0.387 (6.593, 8.193) (3.440, 11.347)

▸ We are 95% sure that the mean price of all used Hyundai Elantras with 70,000 miles is between $3,440 and$11,347.

▸ We are 95% sure that the price of a single used Hyundai Elantra with 70,000 miles is between $6,593 and$8,193.

▸ We are 95% sure that the mean price of all used Hyundai Elantras with 70,000 miles is between $6,593 and$8,193.

▸ We are 95% sure that the price of a single used Hyundai Elantra with 70,000 miles is between $3,440 and$11,347.
Textbook

Statistics: Unlocking the Power of Data

Edition: 3rd
Authors:
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raihala49raihala49
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ericayi Author
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 I appreciate what you did here, answered it right
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 Helped a lot