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(Solved): 12.15 Below are fitted regressions for Y= asking price of a used vehicle and x= the age of the vehic ...
12.15 Below are fitted regressions for Y= asking price of a used vehicle and x= the age of the vehicle. The observed range of x was 1 to 8 years. The
sample consisted of all vehicles listed for sale in a particular week. (a) Interpret the slope of each fitted regression. (b) Interpret the intercept of
each fitted regression. Does the intercept have meaning? (c) Predict the price of a 5-year-old Chevy Blazer. (d) Predict the price of a 5-year-old
Chevy Silverado.
CarPrices
Chevy Blazer:Price =16,189-1,050n=21 vehicles, observed x range was 1 to 8 years