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 the car using the two 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 the car using the two predictor model? Round to three decimal places.

Quizplus · Accepted Answer

11eeb2d3_8df9_4093_b9aa_b5584a8fa832_TBW1049_11 = 15.2 - 0.0101(87.1) - 1.55(5) = 6.570
Using the two predictor model, the predicted price of this car is $6,570.

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