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Regression Analysis

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1. (10) After seeing Trevor's catchy ad, Davy Jones wants to buy a car from him. Use the data from the Trevor Car Lot problem and process it by the Regression program in Excel.

Car # Price of Car Age of Car (in yrs.)
1 $14, 750 2
2 $ 6, 770 6
3 $12, 115 3
4 $17,825 2
5 $ 8,500 5
6 $ 7,000 4
7 $10,250 2
8 $13,450 2
9 $ 9,895 3
10 $ 8,000 4
11 $10,125 1
12 $16,500 1
13 $ 5,500 4
14 $ 6,850 3
15 $ 15,000 2

(a) (5) Paste your printout here, or attach it to this assignment.

(b) (5) Write the regression equation. Use it to find the predicted price of a three-year-old car that Mr. Jones wants to buy.

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Solution Summary

The solution discusses the fitting of a simple linear regression model to a given set of data using MS Excel and prediction of the dependent variable for a given value of the independent variable.

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a) Let y denote the price of the car in $ and x denote the age of the car. Assume that x and y are linearly related. Let y = a+bx be the suggested linear relationship.
We can find the least square estimates of the intercept a and slope b in the simple linear ...

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