Use a calculator to find the regression equation. Predict the average retail pri
ID: 3117575 • Letter: U
Question
Use a calculator to find the regression equation. Predict the average retail price of a car in
2003
Determine the year when the car will be worth
$1965
The regression equation is
yequals=(Type an expression using x as the variable. Use integers or decimals for any numbers in the expression.)
Average base retail price of a car bought in 1997. Let
xequals=1
correspond to to 1998.Start 6 By 2 Table 1st Row 1st Column Year 2nd Column Retail price left parenthesis $ right parenthesis 2nd Row 1st Column 1998 2nd Column 15 comma 844 3rd Row 1st Column 1999 2nd Column 11 comma 035 4st Row 1st Column 2000 2nd Column 10 comma 979 5st Row 1st Column 2001 2nd Column 9914 6st Row 1st Column 2002 2nd Column 8640 EndTable
Year Retail price($) 1998 15,844 1999 11,035 2000 10,979 2001 9914 2002 8640Explanation / Answer
To find the regression equation using the graphing calculator you will need to use the following steps.
After this you will get the regression equation on graphing calculator.
The regression equation will be of type y = f(x) that is y = some function of x
To predict the average retail price of a car in 2003 , you will need to find the corresponding value of x that is number of years from 1997 to 2003 and then plug that value in the regression equation and get the average retail price of car in 2003.
Determine the year when the car will be worth $1965
Here you will need to find the value of x when y = $1965 using the regression equation.
After getting the value of x add it to the year 1997 to get the exact year when the car will be worth $1965.
Hope it will help you.
Thanks.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.