Part B
An auto manufacturing company wanted to investigate how the price of one of its car
models depreciates with age. The research department at the company took a sample of
eight cars of this model and collected the following information on the ages (in years) and
prices (in hundreds of dollars) of these cars.
Answers
Given : An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age. The research department at the company took a sample of eight cars of this model and collected the following information on the age (in years) and prices (in hundreds of dollars) of these cars:
To Find : Draw Scatter plot
the regression equation using utility
price of a car which is 5 years old.
Value of R²
Solution:
Age Price
x y
8 18
3 94
6 50
9 21
2 145
5 42
6 36
3 99
Insert data in excel
Add trend line ( linear)
and display equation on chart
the regression equation is y = -16.62x + 150.4
Value of R² = 0.852
price of a car which is 5 years old.
=> y = y = -16.62(5) + 150.4 = 67.3
price of a car which is 5 years old is 67.3 hundred Dollars
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