Question

The owner of several used-car dealerships believes that the selling price of a used car can best be predicted using the car’s age. He uses data on the recent selling price and age of 20 used sedans to estimate Price = β0 + β1Age + .
A portion of the Excel results is as follows:


a. What is the point estimate for β1? Interpret this value.
b. What is the sample regression equation?
c. Predict the selling price of a 5-year-oldsedan.


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  • CreatedJanuary 28, 2015
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