For a particular red wine, the following data show the auction price for a 750-milliliter bottle and the age of the wine (WineX website, June 2016).

Age (years)          Price ($)

36 ..................................256

20 ..................................142

29 ..................................212

33 ..................................255

41 ..................................331

27 ..................................173

30 ..................................209

45 ..................................297

34 ..................................237

22 ..................................182

a. Develop a scatter diagram for these data with age as the independent variable.

b. What does the scatter diagram developed in part (a) indicate about the relationship between age and price?

c. Develop the least squares estimated regression equation.

d. Provide an interpretation for the slope of the estimated equation.