Question

The equation for least regression line to this data set is ŷ = 76. 82x 88. 56. what is the predicted value (in dollars) for maintenance expenses when a truck is 7 years old?

Answer 1

The predicted value (in dollars) for maintenance expenses when a truck is 7 years old is $626.3.

In this question,

The equation for least regression line to this data set is

y' = 76.82x + 88.56 ------- (1)

Number of years, x = 7

The general form of equation for least regression line is

y' = a + bx

where y is the dependent variable, x is the independent variable, a is the intercept of regression line and b is the slope of regression line.

The predicted value (in dollars) for maintenance expenses when a truck is 7 years old can be calculated as

y' = 76.82x + 88.56

Substitute the value of x in the above equation, we get

y' = 76.82(7) + 88.56

y' = 537.74 + 88.56

y' = 626.3

Hence we can conclude that the predicted value (in dollars) for maintenance expenses when a truck is 7 years old is $626.3.

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