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Sample Regression

The selling price of a used car is inversely(or negatively) related to the age of the car. That is, as the age increases, the selling price tends to decrease. The following table shows data for 10 cars of a certain make and model :
Selling Price (In Dollars) Age (In years)
(Y) (X)
980 5
1760 3
1100 5
600 8
2100 2
1600 3
1400 4
710 7
800 6
1800 3

a) Plot the data
b) Find the equation of the sample regression line and graph it
c) Estimate the selling price of a 4-year old car.

Solution Summary

This solution plots a data set and finds the regression equation