The file CarAgePrice. csv contains data from 20 randomly selected cars from a used car lot. For each car, the Price, Age, and Miles are given. This file can be found on Canvas under the "Files/Homework/Homework 7" page. 1. (1pts) Regress Price on Age and Miles. That is, find the regression line pre- dicting Price from Age and Miles. 2. (1pts) Under this model, is Price significantly negatively correlated with Age? Explain why or why not. 3. (1pts) Under this model, is Price significantly negatively correlated with Miles? Explain why or why not. 4. (1pt) Under this model, form a 95% confidence interval for the coefficient on the Age variable. 5. (1pt) List 3 of the 4 assumptions of the random perturbation terms in the regression model. 6. (3pts) Make two residual plots: One plotting residuals against Miles and one plotting residuals against Age. Do these residual plots indicate violations of the standard regression assumptions? Explain. 7. (1pt) Regress Price on Age only. Do you prefer this model or the model where Price is regressed on both Age and Miles? Explain. 8. (1pt) TRUE or FALSE, and explain why in one sentence. If the standard regression assumptions do not hold, then regression will not minimize the sum of the squares of the residuals