e following table shows the mileage and selling prices of eight used cars of the same model. Mileage Price 21,000 $16,000 34,000 $11,000 41,000 $13,000 43,000 $14,000 65,000 $10,000 72,000 $12,000
The following table shows the mileage and selling prices of eight used cars of the same
model.
Mileage Price
21,000 $16,000
34,000 $11,000
41,000 $13,000
43,000 $14,000
65,000 $10,000
72,000 $12,000
76,000 $7,000
84,000 $7,000
(i) Construct the linear equation of best t and interpret the results.
(ii) Predict the selling price for a used car of this model with an odometer that reads
50,000 miles.
(iii) Calculate the total sum of squares for the model.
(iv) Partition the total sum of squares calculated in part (iii) into the sum of squares
regression and the sum of squares error.
(v) Calculate the coecient of determination for the car pricing model.
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