Below are fitted regressions based on used vehicle ads

Below are fitted regressions based on used vehicle ads. Observed ranges ofX are shown. The assumed regression model is AskingPrice = f (VehicleAge). (a) Interpret the slopes. (b) Are the intercepts meaningful? Explain. (c) Assess the fit of each model. (d) Is a bivariate model adequate

to explain vehicle prices? If not, what other predictors might be considered? (Data are from Detroit’s AutoFocus 4, Issue 38 [September 17–23, 2004]. Data are for educational purposes only and should not be viewed as a guide to vehicle prices.)

Vehicle                             n          Intercept          Slope              R2                  MinAge         Max Age