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Used cars are often sold wholesale at auctions, and from these sales, retail sales prices are recommended. The following table gives the recommended prices in 2009 for a four-door manual transmission...

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Used cars are often sold wholesale at auctions, and from these sales, retail sales prices are recommended.

The following table gives the recommended prices in 2009 for a four-door manual transmission Toyota Corolla based on the age of the car.

Age (in years)Suggested retail price,1$14,680212,150311,215410,18059,23068,45577,73086,82596,135105,620

(a) Fit these data with a model of the form aebx. Graph the (xi,yi)’s and superimpose the least squares exponential curve.

(b) What would you predict the retail price of an eleven-year- old Toyota Corolla to be?

(c) The price of a new Corolla in 2009 was $16,200. Is that figure consistent with the widely held belief that a new car depreciates substantially the moment it is purchased? Explain.

Answered Same DayDec 29, 2021

Solution

David answered on Dec 29 2021
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