An Automobile Rental Company Wants to Predict the Yearly Maintenance

question 79

Essay

An automobile rental company wants to predict the yearly maintenance expense (Y) for an automobile using the number of miles driven during the year ( ) and the age of the car ( , in years) at the beginning of the year. The company has gathered the data on 10 automobiles and run a regression analysis with the results shown below:.
-(A) Use the information above to estimate the linear regression model.
(B) Interpret each of the estimated regression coefficients of the regression model in (A).
(C) Identify and interpret the coefficient of determination ( ), for the model in (A).
(D) Identify and interpret the adjusted for the model in (A).

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Definitions:

Approximating Line

A line that closely estimates or approximates the values or behavior of a more complex curve or dataset.

Data Points

Individual items of data that represent a specific measurement or observation.

SUM

The result of adding two or more numbers together to get a total amount.