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

Data were collected on the age (in years), mileage (in thousands of miles), and price (in thousands of dollars) of a random sample of used Hyundai Elantras. Output from two models are provided.

Single Predictor Model:
The regression equation is Price = 13.8 - 0.0912 Mileage

PredictorCoefSE CoefTP
Constant13.77510.693019.880.000
Mileage-0.0911670.009718-9.380.000

Two Predictor Model:
The regression equation is Price = 15.2 - 0.0101 Mileage - 1.55 Age

PredictorCoefSE CoefTP
Constant15.21740.611224.900.000
Mileage-0.010050.01977-0.510.616
Age-1.54660.3508-4.410.000

S = 1.39445       R-Sq = 89.0%        R-Sq(adj) = 88.0%

Analysis of Variance

SourceDFSSMSFP
Regression2346.11173.0689.000.000
Residual Error2242.781.94
Total24388.89

One of the cars in the sample was a 5-year-old Hyundai Elantra with 87,100 miles being sold for $6,000. What is the predicted price of the car using the two predictor model? Round to three decimal places.
Textbook 
Statistics: Unlocking the Power of Data

Statistics: Unlocking the Power of Data


Edition: 3rd
Authors:
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jmoline2jmoline2
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