The Owner of Maumee Motors
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The owner of Maumee Motors 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 Maumee Motors during the last year.
A). If we want to estimate selling price based on the age of the car, which variable is the dependant variable and which is the independent variable?
B). Draw a scatter diagram.
C). Determine the coefficient of determination.
D). Interpret these statistical measures. Does it surprise you that the relationship is inverse?
E). Determine the regression equation.
F). Estimate the selling price of a 10 year old car.
G). Interpret the regression equation.
Car Age (years) Selling Price ($)
1 9 8.1
2 7 6.0
3 11 3.6
4 12 4.0
5 8 5.0
6 7 10.0
7 8 7.6
8 11 8.0
9 10 8.0
10 12 6.0
11 6 8.6
12 6 8.0
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