Question

D. Use the model from part (a) to approximate the mileage of an automobile that costs $15,500.

Answer 1

The linear regression equation which models the data, obtained using technology such as a linear regression calculator is :

• y = - 0.18x + 19716.81

• x = mileage ; y = price

The predicted or approximate values obtained using the model are given below :

A.)

Approximate mileage for an automobile that costs $15500 can be calculated thus :

• y = 15500

Substituting y = 15500 into the equation :

15500 = -0.18x + 19716.81

0.18x = 19716.81 - 15500

0.18x = 4216.81

x = 4216.81 / 0.18

x = 23,426.722

Hence, mileage is about 23427 miles.

B.)

Approximate the predicted price of an automobile with 6000 miles :

• x = 6000 miles

Substituting x = 6000 into the equation :

y = -0.18x + 19716.81

y = -0.18(6000) + 19716.81

y = 18636.81

Hence, the price of the car would be about $18637.

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