Use the following to answer the questions below:
Data were collected on the mileage (in thousands of miles) and price (in thousands of dollars) of a random sample of used Hyundai Elantras. A scatterplot of the data (with regression line), some summary statistics, and partial computer output from a regression analysis are provided.
Use three decimal places when reporting the results from any calculations, unless otherwise specified.

-Use the equation of the least squares line to predict the price of a used Hyundai Elantra with 50,000 miles.
A) 9,240
B) $6,900
C) $12,888
D) $13,344

Question

Use the following to answer the questions below:
Data were collected on the mileage (in thousands of miles) and price (in thousands of dollars) of a random sample of used Hyundai Elantras. A scatterplot of the data (with regression line), some summary statistics, and partial computer output from a regression analysis are provided.
Use three decimal places when reporting the results from any calculations, unless otherwise specified.
 
-Use the equation of the least squares line to predict the price of a used Hyundai Elantra with 50,000 miles.
A) 9,240 
B) $6,900 
C) $12,888 
D) $13,344

Quizplus · Accepted Answer

Price = 13.8 - 0.0912 Mileage
 11eeb2d3_8e01_7e3c_b9aa_6315b7f6451f_TBW1049_11 = 13.8 - 0.0912(50) = 9.240
The predicted price of a used Hyundai Elantra with 50,000 miles (coded as 50) is $9,240.

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