More used cars 2011 Use the advertised prices for Toyota Corollas given in Exercise 59 to create a linear model for the relationship between a car’s Age and its Price. a) Find the equation of the...

More used cars 2011 Use the advertised prices for Toyota Corollas given in Exercise 59 to create a linear model for the relationship between a car’s Age and its Price.

a) Find the equation of the regression line.

b) Explain the meaning of the slope of the line.

c) Explain the meaning of the y-intercept of the line.

d) If you want to sell a 7-year-old Corolla, what price seems appropriate?

e) You have a chance to buy one of two cars. They are about the same age and appear to be in equally good condition. Would you rather buy the one with a positive residual or the one with a negative residual? Explain.

 f) You see a “For Sale” sign on a 10-year-old Corolla stating the asking price as $8,500. What is the residual?

g) Would this regression model be useful in establishing a fair price for a 25-year-old car? Explain.