A response variable, Price, is defined as the selling price of a used car. Three predictor variables include, Age, the age of th

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1 year ago

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A response variable, Price, is defined as the selling price of a used car. Three predictor variables include, Age, the age of th

e car in years, Mileage, the mileage of the car in thousands of miles, and Cylinders, the number of engine cylinders. The estimated regression equation is: Price

Mathematics

1 answer:

KiRa [710] · Answer 1 · 2023-08-14T08:37:48+03:00

The estimated regression equation is Price = bo +b1Age+ b2Mileage + b3Cylinders

<h3>How to determine the regression equation?</h3>

We have:

Predictor variables = 3
Variable 1 = Age
Variable 2 = Mileage
Variable 3 = Cylinders

The regression equation is estimated using:

Price = bo +b1 * Variable 1+ b2 * Variable 2 + b3 * Variable 3

Substitute the variable parameters

Price = bo +b1Age+ b2Mileage + b3Cylinders

Hence, the estimated regression equation is Price = bo +b1Age+ b2Mileage + b3Cylinders

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