A statistics student gathered data on a large numbers of cars of a particular model,...
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A statistics student gathered data on a large numbers of cars of a particular model, from new cars to those that were up to 10 years old. Using the data on car ages (in years) and car prices (in US dollars) he found a linear relationship and produced the following regression model: Predicted Price = 15620-1440* Age A friend asked him to predict the price of a 5 year old model of this car, using his equation. Which of the following is the most correct response to provide? A. Plot a regression line, find 5 on the horizontal axis, and read off the corresponding value on the y axis. B. Substitute 5 in the equation and solve for "price". C. Both of these methods are correct. D. Neither of these methods is correct.
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