The ages and prices of 9 Chevrolet Impala sedans at dealerships in Fort Myers, Florida, are shown
Question:
Let x be the age (in years) and let y be the price (in thousands of dollars), both for a Chevrolet Impala sedan.
a. Construct a scatterplot of the data.
b. Find the linear regression equation.
c. The equation of the line that contains the data points (3, 17) and (7, 8) is = -2.25x + 23.75. Graph the equation and the regression equation on the same scatterplot of the data. Describe how well each line fits the data points.
d. Find the sum of squared residuals for the linear model = -2.25x + 23.75.
e. Find the sum of squared residuals for the regression line.
f. Compare your results in parts (d) and (e) and explain why your comparison is not surprising.
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