Used cars 2011 Carmax.com lists numerous Toyota Corollas for sale within a 250 mile radius of Redlands, CA. Listed at the top of the next column are the ages of the cars and the advertised prices.
a) Make a scatterplot for these data.
b) Describe the association between Age and Price of a used Corolla.
c) Do you think a linear model is appropriate?
d) Computer software says that R2 = 89.1%. What is the correlation between Age and Price?
e) Explain the meaning of R2 in this context.
f) Why doesn’t this model explain 100% of the variability in the price of a used Corolla?
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