In a study of 1991 model cars, a researcher computed the least-squares regression line of price (in dollars) on horsepower. He obtained the following equation for this line. Price = – XXXXXXXXXX×...

In a study of 1991 model cars, a researcher computed the least-squares regression line of price (in dollars) on horsepower. He obtained the following equation for this line.

Price = – 6677 + 175× Horsepower

Based on the least-squares regression line, what would we predict the cost to be of a 1991 model car with horsepower equal to 200?

 If the actual cost of a 1991 car with 200 horsepower is $27500, what is the residual? Is the predictionan underestimate or an overestimate?

What does the slope of 175 and y intercept of (0,-6677) mean in the context of the problem?

The coefficient of determination is ?2=84%. Interpret in the context of the problem. Find the correlation and interpret.