The Auto Trader lists thousands of cars for sale in a variety of makes and models....
The Auto Trader lists thousands of cars for sale in a variety of makes and models. A recent listing for Honda Civic LX Sedans shows the following price summary by year.
T (Time) for Price
Year Regression (000)
2019 6 20.1
2018 5 18.4
2017 4 17.8
2016 3 14.5
2015 2 10.8
2014 1 9.5
a) Sketch a scatter gram of Honda Civic prices by year.
b) Draw a line though this data that you think best fits the data.
c) Calculate the formula for your line (estimate intercept and slope using two points on your line).
d) Use linear regression to (manually) calculate the slope and intercept and state the equation.
e) Using the regression equation, what is your estimate for a used 2020 LX Civic?
f) Using the regression equation, what is your estimate for a used 2013 LX Civic?
g) Use the above points to plot the regression line on your scattergram.
e) How close is your line to the one determined by linear regression.
Homework Answers
a) Sketch a scatter gram of Honda Civic prices by year.
b) Draw a line though this data that you think best fits the data.
c) Calculate the formula for your line (estimate intercept and slope using two points on your line).
The formula is:
slope = r*(sy/sx)
intercept = y - b1*x
d) Use linear regression to (manually) calculate the slope and intercept and state the equation.
y = 2.260 x + 7.273
As per the Chegg answering guide, we have the option to answer only the first four sub-parts of a question in case of multiple parts. If you want to get the answers for the rest of the parts, please post the question in a new post.
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The Auto Trader lists thousands of cars for sale in a
variety of makes and models....
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