5. (50 pt) Given the following sales data, predict the sales price for 30year ol
ID: 2950506 • Letter: 5
Question
5. (50 pt)
Given the following sales data, predict the sales price for 30year
old customer, who has a $40000 income and a 7 year old car.
Purchase
Car
Customer
Price
Age
Income
Age
$40,000
3
100000
50
$50,000
5
75000
60
$35,000
10
40000
40
$15,000
8
25000
20
$70,000
2
15000
35
$25,000
5
60000
28
5. (50 pt)
Given the following sales data, predict the sales price for 30year
old customer, who has a $40000 income and a 7 year old car.
Purchase
Car
Customer
Price
Age
Income
Age
$40,000
3
100000
50
$50,000
5
75000
60
$35,000
10
40000
40
$15,000
8
25000
20
$70,000
2
15000
35
$25,000
5
60000
28
Explanation / Answer
Predictor Coef SE Coef T P
Constant 40426 12369 3.27 0.082
old cust -3927 1105 -3.55 0.071
income -0.5269 0.1351 -3.90 0.060
old cust ye 1236.0 298.6 4.14 0.054
Predicted Values for New Observations
New
Obs Fit SEFit 95%CI 95% PI
1 -89795 27022 (-206061,26471) (-210024, 30433)XX
XX denotes a point that isan extreme outlier in the predictors.
Values of Predictors for New Observations
old
New cust
Obs old cust income ye
1 30.0 40000 7.00
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