The following data are a sample of the ages, x (years), and the asking prices, y

Question

The following data are a sample of the ages, x (years), and the asking prices, y (in thousands of dollars), for used Honda Accords that were listed on AutoTrader.com on March 10, 2005. 3 24.9 2 26.9 79.0 4 23.8 5 17.8 5 19.3 4 29.2 4 21.9 6 15.66 16.4 3 24.9 421.2 2 25.7 3 24.9 7 11.9 5 20.0 6 15.2 6 13.6 2 25.95 18.8 pous a (a) Use the linear gression program on the graphing calculator to obtain the equation of the line of best fit. (Give your answers correct to two decimal places.) (b) Predict the average asking price for all Honda Accords that are 5 years old. Obtain this answer in two ways: using the equation from part (a) or using the regression line on the scatter diagram shown on the graphing calculator (Check the instruction on the PowerPoint slides (Round to the nearest dollar.) (c) Can you think of any potential lurkingariables for this situation? (Select all that apply.) mileage of car condition of car make and model of car age of car potential buyer's desire to buy car

Explanation / Answer

a) the line best fit using Excel is

For Slope = b, The Command is "=slope(y,x)"

we get, b = -3.16

For Intercept = a, The Command is "=intercept(y,x)"

We get a = 34.40

So therefore, the line of best fit is

yhat = a + b*x

yhat = 34.4 - 3.16*x

b) the average asking price for all honda according accords to that are 5 year old is

yhat = 34.4 - 3.16*(5)

yhat = 18.60

it is near about 19

so yhat = 19

c) potntial buyers desire to buy car

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