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Answer:
y = -0.25x + 40 ; $26,000
Step-by-step explanation:
From the graph attached ;
The regression equation, y could be obtained :
y = mx + c
m = slope = Rise / Run = (y2 - y1) / (x2 - x1)
Slope = (15 - 40) / (100 - 0)
Slope = - 25 / 100
Slope = - 0.25
c = intercept, where the regression line crosses the y-axis, from. The graph, c = 40
The regression equation goes thus :
y = -0.25x + 40 ; y = price of car ; x = number of miles driven
Price of car that has been driven for 56000 miles
y = - 0.25(56) + 40
y = - 14 + 40
y = 26
Hence, price of car is $26,000
