A study was conducted to investigate the relationship between the resale price, y (in hundreds of dollars), and the age, x (in years), of midsize luxury American automobiles. The equation of the line of best fit was determined below.
yhat = 183.8 − 20.48x
(a) Find the resale value in dollars of such a car when it is 3 years old.
$
(b) Find the resale value in dollars of such a car when it is 6 years old.
$
(c) What is the average annual decrease in the resale price in dollars of these cars?
$
a)183.8 - 20.48 (3) = 122.36 = $12,236
b)183.8 - 20.48 (6) =
c)answer is right in front of you $2048
Thank you, I just did another one of these and missed it can you look at it and help me figure out what I did wrong?
A study was conducted to investigate the relationship between the cost, y (in tens of thousands of dollars), per unit of equipment manufactured and the number of units produced per run, x. The resulting equation for the line of best fit is given below, with x being observed for values between 10 and 200. If a production run was scheduled to produce 55 units, what would you predict the cost per unit to be in dollars?
yhat = 7.88 − 0.05x
$ 5.13 is the answer I got I put 7.88-0.05(55) and came up with 5.13 but that is wrong.
"y (in tens of thousands of dollars)"
I am lost, can you give me the equations and I will work it out. Sorry not my best subject
so multiply by 10,000
5.13 * 10 = 51.3
5.13 * 100 = 513
5.13 * 1000 = 5130
5.13 * 10,000 = 51,300
According to the question, 5.13 is in tens of thousand of dollars, so the correct answer should be
$51300,
and the $ sign is already given before the answer box, right?
To find the resale value of a car when it is a certain age, we can use the equation of the line of best fit:
yhat = 183.8 - 20.48x
(a) To find the resale value when the car is 3 years old, substitute x = 3 into the equation:
yhat = 183.8 - 20.48(3)
yhat = 183.8 - 61.44
yhat ≈ $122.36
Therefore, the resale value of such a car when it is 3 years old is approximately $122.36.
(b) To find the resale value when the car is 6 years old, substitute x = 6 into the equation:
yhat = 183.8 - 20.48(6)
yhat = 183.8 - 122.88
yhat ≈ $60.92
Therefore, the resale value of such a car when it is 6 years old is approximately $60.92.
(c) The average annual decrease in the resale price can be determined by finding the change in price over the span of a year. From the equation, the coefficient of x (-20.48) represents the rate of decrease in dollars per year.
Therefore, the average annual decrease in the resale price of these cars is $20.48.