Below are fitted regressions for Y = asking price of a used vehicle and X = the age of the vehicle. The observed range of X was 1 to 8 years. The sample consisted of all vehicles listed for sale in a particular week.
(a) Interpret the slope of each fitted regression.
(b) Interpret the intercept of each fitted regression. Does the intercept have meaning?
(c) Predict the price of a 5-year-old Chevy Blazer.
(d) Predict the price of a 5-year-old Chevy Silverado.
Chevy Blazer: Price = 16,189 – 1,050 Age (n = 21 vehicles, observed X range was 1 to 8 years). Chevy Silverado: Price = 22,591 – 1,339 Age (n = 24 vehicles, observed X range was 1 to 10 years).