Question

1)

PL SCREEN PRINTER VERSION BACK NE Chapter 13, Section 13.1, Problem 020be An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age. The research department at the company took a sample of eight cars of this model and collected the following information on the ages (in years) and prices (in hundreds of dollars) of these cars Age 8 7 7 3 3 Price 22 18 68 29 44 36 62 79 Find the least squares regression line equation in the form ab. Use "Age" as the independent vanable and "Price" as the dependent variable. Round your answers to four decimal places. Predict the price of a 5 year-old car of this model Round your answer to one decimal place. sed the tolerance s+/-29%

2)

3a)

3b)

Answer 1

1)

x	y
8	22
8	18
4	68
8	29
7	44
7	36
3	62
3	79

Using Excel

data -> data analysis -> regression

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.9513
R Square	0.9049
Adjusted R Square	0.8890
Standard Error	7.5219
Observations	8
ANOVA
	df	SS	MS	F	Significance F
Regression	1	3230.0278	3230.0278	57.0891	0.0003
Residual	6	339.4722	56.5787
Total	7	3569.5000
	Coefficients	Standard Error	t Stat	P-value	Lower 95%
Intercept	101.5833	7.9782	12.7327	0.0000	82.0615
x	-9.4722	1.2536	-7.5557	0.0003	-12.5398

y^ = 101.5833 - 9.4722*x

when x = 5

y^ = 101.5833 - 9.4722*5

= 54.2

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