Use the following to answer the questions below:
Data were collected on the age (in years), mileage (in thousands of miles), and price (in thousands of dollars) of a random sample of used Hyundai Elantras. Output from two models are provided.
Single Predictor Model:
The regression equation is Price = 13.8 - 0.0912 Mileage

-One of the cars in the sample was a 5-year-old Hyundai Elantra with 87,100 miles being sold for $6,000. What is the predicted price of this car using the single predictor model? Round to three decimal places.

Question

Use the following to answer the questions below:
Data were collected on the age (in years), mileage (in thousands of miles), and price (in thousands of dollars) of a random sample of used Hyundai Elantras. Output from two models are provided.
Single Predictor Model: 
The regression equation is Price = 13.8 - 0.0912 Mileage
 
-One of the cars in the sample was a 5-year-old Hyundai Elantra with 87,100 miles being sold for $6,000. What is the predicted price of this car using the single predictor model? Round to three decimal places.

Quizplus · Accepted Answer

11eeb2d3_8df9_4092_b9aa_7b17b8eb3638_TBW1049_11 = 13.8 - 0.0912(87.1) = 5.856
Using the single predictor model, the predicted price of the car is $5,856.

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