Use the following to answer the questions below:
Data were collected on the age (in years) and price (in thousands of dollars) of a random sample of 25 used Hyundai Elantras. A scatterplot of the data (with regression line) and computer output from a regression analysis are provided.
Use three decimal places when reporting the results from any calculations, unless otherwise specified.
The regression equation is Price = 15.3 - 1.71 Age

-Use the equation of the least squares line to predict the price of a used Hyundai Elantra that is 6 years old.
A) $5,040
B) $13,540
C) $6,750
D) $7,750

Question

Use the following to answer the questions below:
Data were collected on the age (in years) and price (in thousands of dollars) of a random sample of 25 used Hyundai Elantras. A scatterplot of the data (with regression line) and computer output from a regression analysis are provided.
Use three decimal places when reporting the results from any calculations, unless otherwise specified.
The regression equation is Price = 15.3 - 1.71 Age
 
-Use the equation of the least squares line to predict the price of a used Hyundai Elantra that is 6 years old.
A) $5,040 
B) $13,540 
C) $6,750 
D) $7,750

Quizplus · Accepted Answer

Price = 15.3 - 1.71 Age 
 11eeb2d3_8e01_3018_b9aa_afcafd8dc22f_TBW1049_11 = 15.3 - 1.71(6) = 5.040
A 6-year-old Hyundai Elantra is predicted to cost $5,040.

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