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Below are fitted regressions based on used vehicle ads. Observed ranges of X are shown. The assumed regression model is AskingPrice = f (VehicleAge).
(a) Interpret the slopes.(b) Are the intercepts meaningful? Explain.(c) Assess the fit of each model.(d) Is a bivariate model adequate to explain vehicle prices?
If not, what other predictors might be considered? (Data are from Detroit's AutoFocus 4, Issue 38 [September 17-23, 2004]. Data are for educational purposes only and should not be viewed as a guide to vehicle prices.)
Vehicle
n
Intercept
Slope
R2
Min Age
Max Age
Ford Explorer
31
22,252
-2,452
.643
2
6
Ford F-150 Pickup
43
26,164
-2,239
.713
1
37
Ford Mustang
33
21,308
-1,691
.328
10
Ford Taurus
32
13,160
-906
.679
14
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