An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with age. The research department at the company took a sample of eight cars of this model and collected the following information on the ages (in years) and prices(in hundreds of dollars) of these cars
Age 8 3 6 9 2 5 6 3
Price 18 94 50 21 145 42 36 99
a) Find the regression line with price as a dependent variable and age as an independent variable.
b) Predict the price of a 7 year old car of this model.
c) Estimate the price of an 18 year old car of this model.