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New Car Cost The average new car cost (in dollars) for

Chapter , Problem 59A

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QUESTION:

Problem 59A

New Car Cost The average new car cost (in dollars) for selected years from 1980 to 2005 is given in the table. Source: Chicago Tribute and National Automobile Dealers Association.

Year

1980

1985

1990

1995

2000

2005

Cost

7500

12,000

16,000

20,450

24,900

28,400

a. Find a linear equation for the average new car cost in terms of x, the number of years since 1980, using the data for 1980 and 2005.

b. Repeat part a, using the data for 1995 and 2005.

c. Find the equation of the least squares line using all the data.

d. Use a graphing calculator to plot the data and the three lines from parts a-c.

e. Discuss which of the three lines found in parts a–c best describes the data, as well as to what extent a linear model accurately describes the data.

f. Calculate the correlation coefficient.

Questions & Answers

QUESTION:

Problem 59A

New Car Cost The average new car cost (in dollars) for selected years from 1980 to 2005 is given in the table. Source: Chicago Tribute and National Automobile Dealers Association.

Year

1980

1985

1990

1995

2000

2005

Cost

7500

12,000

16,000

20,450

24,900

28,400

a. Find a linear equation for the average new car cost in terms of x, the number of years since 1980, using the data for 1980 and 2005.

b. Repeat part a, using the data for 1995 and 2005.

c. Find the equation of the least squares line using all the data.

d. Use a graphing calculator to plot the data and the three lines from parts a-c.

e. Discuss which of the three lines found in parts a–c best describes the data, as well as to what extent a linear model accurately describes the data.

f. Calculate the correlation coefficient.

ANSWER:

Solution

Step 1 of 7

In this problem, from the given data we need to determine the given conditions

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