An auto manufacturing company wanted to investigate how the price of one of its car models depreciates
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 on the ages in yearsand prices (in hundreds of dollars) of these cars. Age 8 Price 45210 100 What is the independent variable? (2 Mks) b. What is the dependent variable? (2 Mks) Develop the regression model (15 Mks) d. Predict the price of a 7-year-old car of this model. (2 Mks) Estimate the price of an 18-year-old car of this model. Comment on this finding.
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