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Use the following to answer the questions below:Does the price of used cars depend upon the model? ...

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Use the following to answer the questions below:Does the price of used cars depend upon the model? ...

Use the following to answer the questions below:

Does the price of used cars depend upon the model? Data were collected on the selling price and age of used Hyundai Elantras (coded as Model = 1) and Toyota Camrys (coded as Model = 0). Output from the multiple regression analysis is provided.

The regression equation is Price = 14.5 - 0.619 Age - 3.63 Model

Predictor	Coef	SE Coef	T	P
Constant	14.4648	0.7059	20.49	0.000
Age	-0.61922	0.04903	-12.63	0.000
Model	-3.6343	0.7584	-4.79	0.000

S = 2.63465 R-Sq = 69.3% R-Sq(adj) = 68.4%

Analysis of Variance

Source	DF	SS	MS	F	P
Regression	2	1142.13	571.06	82.27	0.000
Residual Error	73	506.72	6.94
Total	75	1648.85

What is the predicted price of a 6-year-old Hyundai Elantra? Round to three decimal places.

Textbook

Statistics: Unlocking the Power of Data

Edition: 3^rd

Authors: Lock, Morgon

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