Used Cars - Actual Data: Below are the scatterplots, regression equations, and corresponding statistics for mileage, model year, and price for 15 different Honda Civics found on craigslist in May 2012.
Mileage -vs- Price: |
Model Year -vs- Price: |
Suppose you see a 2004 Honda Civic with 160 thousand miles on it. Estimate a reasonable price for this car via the following methods.
(a) Estimate the price using the mileage. Round your
answer to the nearest dollar.
$
(b) Estimate the price using the year. Round your answer to
the nearest dollar.
$
(c) Estimate the price using the multiple linear regression
equation given by
ŷ = 717.3x1 − 42.7x2 − 1,424,349
where x1 is the model year and
x2 is the mileage (in thousands). Round
your answer to the nearest dollar.
$
(d) Which of the following statements are valid?
The estimate based only on mileage (part a) is too low because it doesn't consider the model year.The estimate based only on the year (part b) is too high because it doesn't consider the mileage. The estimate from part (c) considers both variables (year and mileage) to produce a better estimate.All of these are valid statements.
a)
Estimated price =-76.12*160+15585.8 = 3407
b)
Estimated price =992.43*2004-1980582.4 =8247
c)
Estimated price =717.3*2004-42.7*160-1424349 =6288
d)
All of these are valid statements.
Used Cars - Actual Data: Below are the scatterplots, regression equations, and corresponding statistics for mileage,...
A statistical program is recommended. The data below contains mileage, age, and selling price for a sample of 33 sedans. Price Mileage Age Price Mileage Age Price Age 11,599 95,000 18,998 16,998 17,599 35,000 16,000 8 8 Mileage 20,000 | 63,000 10,499 123,000 12,599 15,998 42,000 14,599 54,000 12,599 15,998 10,599 68,000 11 10,998 70,000 88,000 86,000 60,000 61,000 102,000 109,000 16,998 11,599 13,998 11,998 20,998 12,998 14,998 50,000 11,599 17,599 11,599 12,599 13,599 9,998 40,000 7,000 81,000 70,000 86,000...
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The Honda Accord was named the best midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and selling price for a sample of 33 Honda Accords. a. Develop an estimated regression equation that predicts the selling price of a used Honda Accord given the mileage and age of the car. b. Is multicollinearity an issue for this model? Find the correlation between the independent variables to answer...
The data below contains mileage, age, and selling price for a sample of 33 sedans. Price Mileage Age Price Mileage Age Price Mileage Age 16,998 35,000 11,599 95,000 18,998 20,000 2 17,599 16,000 3 9,499 123,000 8 12,599 63,000 7 15,998 42,000 3 14,599 54,000 5 12,599 70,000 15,998 60,000 4 10,599 68,000 10 10,998 88,000 10 11,599 102,000 16,998 40,000 4 11,998 86,000 6 12,998 109,000 4 20,998 7,000 11,998 60,000 6 14,998 60,000 11,599 80,000 9 17,599 45,000...
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Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This information will be used in setting rates for insurance coverage. For a sample of 30 claims for the last year, the director of the actuarial department determined the distance from the fire station (x) and the amount of fire damage, in thousands of dollars (). The MegaStat output is reported below ANOVA table...
Use the Regression tool on the accompanying wedding data, using the wedding cost as the dependent variable and attendance as the independent variable. Complete parts a through c. Click the icon to view the wedding data. a. What is the regression model? Wedding Cost =+Attendance (Round to three decimal places as needed.) b. Interpret all key regression results, hypothesis tests, and confidence intervals in the regression output from part a. Interpret the slope of the regression equation. Choose the correct...