Question: Click on the datafile logo to reference the data. The Toyota Camry is one of the best-selling cars in North America. The cost of a
Click on the datafile logo to reference the data. The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends on many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for Camrys, the following data show the mileage and sale price for 19 sales (PriceHub web site, February 24, 2012). Miles (1,000s) Price ($1,000s) 22 16.2 29 16.0 36 13.8 47 11.5 63 12.5 77 12.9 73 11.2 87 13.0 92 11.8 101 10.8 110 8.3 28 12.5 59 11.1 68 15.0 68 12.2 91 13.0 42 15.6 65 12.7 110 8.3 (a) Choose a scatter chart below with 'Miles (1000s)' as the independent variable. (i) (ii) (iii) (iv) Chart (ii) What does the scatter chart indicate about the relationship between price and miles? The scatter chart indicates there may be a negative linear relationship between miles and price. Since a Camry with higher miles will generally sell for a lower price, a negative relationship is expected between these two variables. This scatter chart is consistent with what is expected. (b) Develop an estimated regression equation showing how price
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