Consider the following data for two variables, x and y, where x is the age of a particular make of car
and y is the selling price, in thousands of dollars. $\begin{array} { | c | c c c c c c c c c c | } \hline x & 7 & 10 & 3 & 5 & 3 & 10 & 4 & 14 & 5 & 8 \\\hline y & 35.0 & 28.5 & 45.0 & 45.0 & 55.0 & 25.0 & 37.5 & 27.5 & 30.0 & 27.5 \\\hline\end{array}$ a. Use Excel to develop an estimated regression equation of the form $\hat{y}$ = b₀ +b₁x.
b. Interpret the intercept.
c. Interpret the slope.

Question

Consider the following data for two variables, x and y, where x is the age of a particular make of car
and y is the selling price, in thousands of dollars.

\begin{array} { | c | c c c c c c c c c c | } \hline x & 7 & 10 & 3 & 5 & 3 & 10 & 4 & 14 & 5 & 8 \\\hline y & 35.0 & 28.5 & 45.0 & 45.0 & 55.0 & 25.0 & 37.5 & 27.5 & 30.0 & 27.5 \\\hline\end{array}

a. Use Excel to develop an estimated regression equation of the form

\hat{y}

= b₀ +b₁x.
b. Interpret the intercept.
c. Interpret the slope.

Quizplus · Accepted Answer

The Answer of Consider the following data for two variables, x and y, where x is the age of a particular make of car and y is the selling price, in thousands of dollars. $$\begin{array} { | c | c c c c c c c c c c | } \hline x & 7 & 10 & 3 & 5 & 3 & 10 & 4 & 14 & 5 & 8 \ \hline y & 35.0 & 28.5 & 45.0 & 45.0 & 55.0 & 25.0 & 37.5 & 27.5 & 30.0 & 27.5 \ \hline \end{array}$$ a. Use Excel to develop an estimated regression equation of the form $\hat{y}$ = b₀ +b₁x. b. Interpret the intercept. c. Interpret the slope.

Consider the Following Data for Two Variables, X and Y