The Relationship Between the Selling Price (In Dollars)of Used Ford

question 39

Multiple Choice

The relationship between the selling price (in dollars) of used Ford Escorts and their age (in years) is analyzed.A regression analysis to predict the price from the age gives the model
= 14,210 - 1,348 age.You want to sell a 17 year old Escort.Use the model to determine an appropriate price.Explain any problems.

• A)-$22,916 You won't sell a car for a negative amount.The model doesn't give meaningful prices for Escorts this old.
• B)$11 The car should be worth more than this.
• C)-$37,126 There are no problems with this prediction.
• D)$22,916 There is no way the car is worth this much.
• E)-$8,706 You won't sell a car for a negative amount.The model doesn't give meaningful prices for Escorts this old.

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Definitions:

Increase With Age

A term indicating that a particular phenomenon, characteristic, or metric tends to rise or enhance as individuals or elements get older.

Relationship Management

Relationship management involves strategies and practices to maintain, improve, and enhance relationships with clients, customers, and stakeholders.

Emotional Intelligence

is the ability to recognize, understand, manage, and reason with emotions in oneself and others.

Job Satisfaction

The degree to which employees feel positively about their job, including aspects like work environment, duties, and compensation.