Question: please help me with this statistics problem! Oliver is shopping for a used car and collects data on age (in years) and price (in 1000s

please help me with this statistics problem!

please help me with this statistics problem! Oliver is shopping for a

Oliver is shopping for a used car and collects data on age (in years) and price (in 1000s of dollars) of Ford Taurus sedans on a used-car web site. Here is what he found: Log Price versus Age Predictor Coef SE Coef T P Constant 1. 43723 0 . 02881 49 .89 0. 000 Age -0. 090652 0 . 003569 -25 . 40 0. 000 S = 0. 0470892 R-Sq = 97.78 R-Sq (adj) = 97.6% 1.4 6.10 12 0.05 Log Price 0.8 0.6 0.4 0.2 a) Write a brief explanation of what this information tells you about the appropriate relationship between these two variables. b) Write the equation of the LSRL for the transformed data and the equation for the curve that fits the un-transformed data. c) Use either equation to estimate the Price of a Ford Torus that is 7.5 years old. How good of an estimate do you expect this to be? Why? d) Explain, in context, what the r value means to this probism

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!