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Determine the regression equation

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Reference no: EM132906948

The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.

Car Age (years) Selling Price ($000) Car 1 2 3 4 5 6 7 8 9 10 11 12

Age (years) 10 7 14 18 8 8 8 15 13 18 6 6 Selling Price 8.3 6.9 1.4 2.4 6.8 9.4 7.5 5.6 5.6 3.1 9.4 7.6

Click here for the Excel Data File

a. Determine the regression equation.(Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)

a=

b=

b. Estimate the selling price of an 10-year-old car (in $000).(Round your answer to 3 decimal places.)

c. Interpret the regression equation (in dollars).(Round your answer to the nearest dollar amount.

Reference no: EM132906948

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