The following linear regression equation is for the age (year) and price ($) of used Ford...
The following linear regression equation is for the age (year) and price ($) of used Ford Escorts. P r i c e space equals space 8 comma 857 space minus 1 comma 114 A g e Predict the price of a 3 year old Ford Escort.
Homework Answers
The given linear regression equation is for the age (year) and price ($) of used Ford Escorts.
Price = 8,857 - 1,114 Age
Plug Age = 3 in the above equation , we get
Price = 8,857 - ( 1,114*3 ) = 8,857 - 3,342 = 5,515
So we predict the price of a 3 year old Ford Escort is as $5,515
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