The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors,
including the model year, mileage, and condition. To investigate the relationship between the car’s mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012).
Miles (1,000s) Price ($1,000s)
22 16.2
29 16.0
36 13.8
47 11.5
63 12.5
77 12.9
73 11.2
87 13.0
92 11.8
101 10.8
110 8.3
28 12.5
59 11.1
68 15.0
68 12.2
91 13.0
42 15.6
65 12.7
110 8.3
Solve the blanks: For the model estimated "Y=16.4697 + (-0.0587)x" , calculate the predicted price and residual for each automobile in the data. Identify the two automobiles that were the biggest bargains. If required, round your answer to the nearest whole number.
The best bargain is the Camry #.........in the data set, which has……..miles, and sells for $............less than its predicted price.
The second best bargain is the Camry #........in the data set, which has……..miles, and sells for $........less than its predicted price.
Suppose that you are considering purchasing a previously owned Camry that has been driven 80,000 miles. Use the estimated regression equation mentioned above to predict the price for this car. If required, round your answer to one decimal place. Do not round intermediate calculations.
Predicted price: $..........
Miles (1,000s) Price ($1,000s)
22 16.2
29 16.0
36 13.8
47 11.5
63 12.5
77 12.9
73 11.2
87 13.0
92 11.8
101 10.8
110 8.3
28 12.5
59 11.1
68 15.0
68 12.2
91 13.0
42 15.6
65 12.7
110 8.3
Solve the blanks: For the model estimated "Y=16.4697 + (-0.0587)x" , calculate the predicted price and residual for each automobile in the data. Identify the two automobiles that were the biggest bargains. If required, round your answer to the nearest whole number.
The best bargain is the Camry #.........in the data set, which has……..miles, and sells for $............less than its predicted price.
The second best bargain is the Camry #........in the data set, which has……..miles, and sells for $........less than its predicted price.
Suppose that you are considering purchasing a previously owned Camry that has been driven 80,000 miles. Use the estimated regression equation mentioned above to predict the price for this car. If required, round your answer to one decimal place. Do not round intermediate calculations.
Predicted price: $..........
1 answer:
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