For the given data, do the following: 

 

1. Make a scatterplot. 

2. Find the LSRL (regression Line) to predict price. 

3. Interpret the slope on the context of the problem. 

4. Interpret the y-intercept on the context of the problem. 

5. Interpret the coefficient of correlation. 

6. Predict the price of the car for mileage of 55000 miles. 

7. Find the residual for mileage of 37400 miles. 

8. Is the residual an overestimation or underestimation?

Predicting Price from Mileage: Mileage (thousands) Price ($1000) 21.5 69.4 43 56.9 19.9 49.9 36 47.4 44 42.9 49.8 36.9 1.3 83 0.7 72.9 13.4 69.9 9.7 67.9 15.3 66.5 9.5 64.9 19.1 58.9 12.9 57.9 33.9 54.9 26 54.7 20.4 53.7 27.5 51.9 51.7 51.9 32.4 49.9 44.1 44.9 49.8 44.8 35 39.9 20.5 39.7 62 34.9 50.4 33.9 23.9 89.6 22.9 83.4 16 86 52.9 37.4