An auto manufacturing company wanted to investigate how the...

An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age. The research department at the company took a sample of eight cars of this model and collected the following information of the ages (in years) and prices (in hundreds of dollars) of these cars. Age 8 3 6 9 2 5 6 3 Price 45 210 100 33 267 134 109 235 a) Make a scatter plot for the data. b) Find and graph the linear regression equation that models the data. c) Predict the price of a 7-year-old car of this model. d) If a car is priced at $151, predict the age of the car. e) Is this a strong linear correlation? Justify your answer

Transcript

00:02 So i'm using my graphing calculator to make the scatter plot and find the regression model.

00:08 So l1, i will be entering the age of the car, and l2 is the price of the car.

00:16 Now on the calculator, that's found by selecting stat, number one, and then entering the information in.

00:28 Now, i will make a scatter plot for the data, but first what i want to do is do the linear regression equation.

00:34 So i find that by stat over to calc and choose number four.

00:41 L1 and l2 are default.

00:43 Cursor down to calculate.

00:54 And this is the information i need to make my regression equation.

01:01 So this would be my slope, and this is the y intercept.

01:09 So my equation would be rounding negative 34x plus 322.

01:21 Now, if you have to plot the data by hand, it's a little bit of a pain, but it's not impossible.

01:27 One, two, three, four, five, six, seven, eight, nine, ten.

01:34 And then prices, maybe go by 25.

01:43 So 25, now let's go by 50.

01:51 You have to do it by hand.

01:53 So 50, 100, 150, 200, 200.

02:01 250, 300.

02:05 So first thing i would do is i would go to 8 and put a dot about where 45 would be.

02:17 Go to 3 and put a dot about where 210 would be.

02:21 6 would be about 100, or is 100.

02:26 933.

02:27 So again, i'm going to have to guess because of my graph.

02:31 2, 267, 5, 134, 6, 109, oh, oh, another 6, 109, and another 3 at 235.

02:54 So, there's my graph.

02:57 And then if i was to graph my equation, i would start up here about where 32 would be, and then this one i got to estimate because i would need to go down 34 and over 1.

03:20 So that's hard to do unless i have an actual equation or an actual grid.

03:27 So maybe it looks something like this...

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