Question

The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car’s mileage and the sales price for a 2007 model year Camry, the following data show the mileage and sales price for 19 sales (PriceHub website, February 24, 2012). Suppose that you are considering purchasing a previously owned 2007 Camry that has been driven 60,000 miles.  

Is there a relationship between price and mileage? And how do you know if there is a relationship between them?

This should including the discussions of the scatter diagram, regression    equation, test for significant relationship, coefficient of determination, correlation       coefficient, interpretation of the slope of the regression equation, 95% prediction      interval and the 95% confidence interval of the mean sales price given mileage.

Miles (1000s)	Price ($1000s)
22	16.2
29	16
36	13.8
47	11.5
63	12.5
77	12.9
73	11.2
87	13
92	11.8
101	10.8
110	8.3
28	12.5
59	11.1
68	15
68	12.2
91	13
42	15.6
65	12.7
110	8.3

Answer 1