The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($1000) Car Age (years) Selling Price ($1000)1 9 12.0 7 9 8.92 8 10.9 8 11 9.73 10 4.6 9 10 9.74 12 4.3 10 12 2.75 9 5.6 11 6 10.66 8 13.5 12 6 8.9(a) Determine the regression equation. (Round your answers to 3 decimal places. Negative values should be indicated by a minus sign.)(b) Estimate the selling price of a 12-year-old car (in $1000). (Round your answer to 3 decimal places.)(c) Interpret the regression equation (in dollars). (Round your answer to nearest dollar amount.)

a)

Nowe we can find the means for x and y like this:

And we can find the intercept using this:

So the line would be given by:

b) For this case we can replace in the lineal model the value of x =12 and we got:

c) For this case we can conclude that every increase in the age of the car decrease the selling price in about 1.0328*1000= 1032.8$ dollars from the original price.  

Explanation:

a) Regression equation.  

X represent the age an Y the Selling price

For this case we need to calculate the slope with the following formula:

Where:

So we can find the sums like this:

With these we can find the sums:

And the slope would be:

Nowe we can find the means for x and y like this:

And we can find the intercept using this:

So the line would be given by:

Part b

For this case we can replace in the lineal model the value of x =12 and we got:

Part c

For this case we can conclude that every increase in the age of the car decrease the selling price in about 1.0328*1000= 1032.8$ dollars from the original price.  

24 years, i believe is the correct answer.

answer; ///(d); determining who competes most closely   with whom evaluating whether industry driving forces and competitive pressure favor some strategic groups and hurt others, and ascertaining whether the profit potential of different strategic groups varies due to the strengths and weaknesses in each groups respective market positions;