An internet site lists the prices, y, of a used popular midsized model foreign car. The age, x, in years and the price(thousands $) are given in the table for a sample of six cars.

(a) Determine the least squares regression line.
(b) Estimate the price of a used car of this model whose age is 9.
(c) Give a 95% prediction interval for the price of a used car of age 9.
(d) Besides the uncertainty accounted for in the calculation in Part c, what else could lead to a serious mistake in the pre- diction.

Question

An internet site lists the prices, y, of a used popular midsized model foreign car. The age, x, in years and the price(thousands $) are given in the table for a sample of six cars.
  
(a) Determine the least squares regression line.
(b) Estimate the price of a used car of this model whose age is 9.
(c) Give a 95% prediction interval for the price of a used car of age 9.
(d) Besides the uncertainty accounted for in the calculation in Part c, what else could lead to a serious mistake in the pre- diction.

Quizplus · Accepted Answer

The Answer of An internet site lists the prices, y, of a used popular midsized model foreign car. The age, x, in years and the price(thousands $) are given in the table for a sample of six cars.
  
(a) Determine the least squares regression line.
(b) Estimate the price of a used car of this model whose age is 9.
(c) Give a 95% prediction interval for the price of a used car of age 9.
(d) Besides the uncertainty accounted for in the calculation in Part c, what else could lead to a serious mistake in the pre- diction.

An Internet Site Lists the Prices, Y, of a Used