The Kelley Blue Book provides information on wholesale and retail
The Kelley Blue Book provides information on wholesale and retail prices of cars. Following are age and price data for 10 randomly selected Corvettes between 1 and 6 years old. Here, x denotes age, in years, and y denotes price, in hundreds of dollars. For part (g), predict the prices of a 2-year-old Corvette and a 3-year-old Corvette.
a. Find the regression equation for the data points.
b. Graph the regression equation and the data points.
c. describe the apparent relationship between the two variables under consideration.
d. Interpret the slope of the regression line.
e. Identify the predictor and response variables.
f. Identify outliers and potential influential observations.
g. Predict the values of the response variable for the specified values of the predictor variable and interpret your results.
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