A student wishes to buy a used car. He finds a consumer website that says the price
Question:
A student wishes to buy a used car. He finds a consumer website that says the price of a used car is determined by its age according to the following formula:
Predicted price in thousands of dollars = 17 - 0.8 (age in years)
This is the deterministic component of a regression model for predicting price on the basis of the age of the car. What factors might contribute to the random component? In other words, why might the price of the car he buys not fall exactly on this line?
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There are several factors that may contribute to the random component in this situation Models assum...View the full answer
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Related Book For 
Introductory Statistics Exploring The World Through Data
ISBN: 9780135163146
3rd Edition
Authors: Robert Gould, Rebecca Wong, Colleen N. Ryan
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