Data are collected on the average second-hand price of a particular model of car, from back copies of car trading magazines. The model of car was manufactured in 2000.
Year 2001 2002 2003 2004 2005
Average price (£) 11015 5920 4123 3171 2587
Taking 2001 as year 1, 2002 as year 2, etc., enter the data into lists on your calculator and perform power regression on the data. Choose the three options which are true statements.
A The power regression model for the average price Y in year X of use is
Y = 11000 × X −0.899 ,with a and b correct to 3 significant figures.
B The power regression model for the average price Y in year X of use is
Y = 11000 × ( −0.899)X,with a and b correct to 3 significant figures.
C The regression model is a poor fit to the data.
D The regression model is a good fit to the data.
E The regression model predicts that in 2009 the average price of the car will be £1530 (to 3 significant figures).
F The regression model predicts that the car will be worth less than £1000 by 2014.
G The regression model predicts that the average price of the car will eventually become negative.
H The regression model is reliable up to 2020.
Carrie, you are asking for help for a specific function on your programmable calculator.
Unless somebody here has your type of calculator and is familiar with the particular function you want to use, I don't think you can expect much help with your problem.