Texts: Make a scatterplot for the data on used BMW 8's provided. Describe the association between year and price. Is a linear model appropriate? Computer software says that R^2=20.3%. What is the correlation between year and price? Explain the meaning of R^2 in context. Why doesn't this model explain 100% of the variability in the price of a used BMW 8 series?
A business student needs cash, so he decides to sell his car. The car is a classic BMW 8 series* that was only made over the course of a few years in the 1990s. He would like to sell it on his own, rather than through a dealer, so he'd like to
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Car Data
a) Make a scatterplot for the data on used BMW 8's provided. Choose the correct scale for the axes.
Year: 1995 1994 1997 1996 1991 1993 1992 1991 1991 1991 1991 1993 1995 1991 1993 1994 1996 1997 1992 1995 1997 1995 1995 1997 1997 1994 1995 1991 1993 1994 1993
Price: 11,999 6,988 12,990 9,995 15,995 14,999 24,995 19,750 15,900 16,988 14,999 10,999 16,999 13,995 16,995 11,500 7,994 12,500 14,788 12,490 12,999 9,988 12,900 15,600 15,995 19,995 19,900 27,000 28,900 15,995 10,900
O A.
OB.
OD.
Q
Q
25K 20K Q 15K 10K 1991 1997 Yeet
g20K 15K- 10K- 1991 1997 Year
991
1997
n example
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