Question

A response variable, Price, is defined as the selling price of a used car. Three predictor variables include, Age, the age of the car in years, Mileage, the mileage of the car in thousands of miles, and Cylinders, the number of engine cylinders. The estimated regression equation is: Price

Answer 1

The estimated regression equation is Price = bo +b1Age+ b2Mileage + b3Cylinders

How to determine the regression equation?

We have:

• Predictor variables = 3
• Variable 1 = Age
• Variable 2 = Mileage
• Variable 3 = Cylinders

The regression equation is estimated using:

Price = bo +b1 * Variable 1+ b2 * Variable 2 + b3 * Variable 3

Substitute the variable parameters

Price = bo +b1Age+ b2Mileage + b3Cylinders

Hence, the estimated regression equation is Price = bo +b1Age+ b2Mileage + b3Cylinders

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