Question

The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used sedans. Selling Price 13,512 13,726 Age 8 7 Miles 61,504 54,306 11,906 6 42,447

I submitted this post already, and the answers that are entered are all wrong please help.

Answer 1

Date: 12/12/2019 Answer a) The sample regression equation of selling price (y) on age and miles (xr's) is, By using Excel software, find regression equation with help of following steps: 1) 2) 3) 4) 5) Import the data. Select Data Analysis from Data menu. Select Regression and click Ok. Input Y Range and Input X range. Click Ok. Coefficients Standard Error P-value t Stat 1298.718539 16.12154 9.80899E-12 312.4474944 -0.96739 0.346910187 0.036765867 -2.51296 0.02234661 Intercept 20937.34004 Age -302.2593012 Miles -0.09239122 From the Excel output, the sample regression equation of selling price (v) on age and miles (x's) is,

ŷ= Bo + B1 x1 + B, x, = 20937.34 – 302.26x, - 0.09x2 b) Interpretation of age B, = -302.26. For each unit increase in age, the mean selling price is estimated to decreases $302.26, holding miles independent variable is constant. The answer option is 3 c) The predict selling price of a four-year-old sedan with 68000 miles is, ŷ = Bo + B, x1+ Bß, x2 = 20937.3400 – 302.2593 x 4 – 0.0924 x 68000 = 13445.70 %3D

The predict selling price of a four-year-old sedan with 68000 miles is 13445.70