Question

Following are age and price data for 8 randomly selected ambulances between 1 and 6 years old. Here, x denotes age, in years, and y denotes price, in hundreds of dollars. Use the information to complete parts (a) through (f) y 260 420 255 370 275 355 335 295 a. Find the regression equation for the data points. (Round to two decimal places as needed.) b. Graph the regression equation and the data points. A. B. О с. D. c. Describe the apparent relationship between the two variables. OA. Price tends to decrease as age increases. O B. Price tends to increase as age increases. O C. Price remains constant as age increases. 0 D. There is no apparent relationship between age and price. d. Identify the predictor and response variables. O A. The predictor variable is price and the response variable is age. O B. The predictor variable is ambulance and the response variables are age and price. C. O D. The predictor variable is ambulance and the response variable is age. The predictor variable is age and the response variable is price. e. Identify outliers and potential influential observations. Click to select your answers

q8

Answer 1

As HOMEWORKLIB answering guideline I have answered only te first four subparts

I have used minitab software

Steps

1. Enter te data
2. Stat-regression-regtression-fit regression model
3. 
4. ok

minitab out put

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a)

$\hat{y}=432.0 - 27.83 x$

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b)

option C

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c)

From the regression equation we can see that the slope is negetive

here a negetive relationsip exists between price and age

Price tends to decreas as age increases.

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d)

Age is independent variable and price is dependent variable.

So, Price is response variable and age is predictor variable.

option D

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