Use the following to answer the questions below:
Does the price of used cars depend upon the model? Data were collected on the selling price and age of used Hyundai Elantras (coded as Model = 1) and Toyota Camrys (coded as Model = 0). Output from the multiple regression analysis is provided.
The regression equation is Price = 14.5 - 0.619 Age - 3.63 Model

-What is the predicted price of a 6-year-old Hyundai Elantra? Round to three decimal places.

Question

Use the following to answer the questions below:
Does the price of used cars depend upon the model? Data were collected on the selling price and age of used Hyundai Elantras (coded as Model = 1) and Toyota Camrys (coded as Model = 0). Output from the multiple regression analysis is provided.
The regression equation is Price = 14.5 - 0.619 Age - 3.63 Model
 
-What is the predicted price of a 6-year-old Hyundai Elantra? Round to three decimal places.

Quizplus · Accepted Answer

11eeb2d3_8dff_0d10_b9aa_6b8c892aa228_TBW1049_11 = 14.5 - 0.619(6) - 3.63(1) = 7.156
The predicted price of a 6-year-old Hyundai Elantra is $7,156.

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