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Used Saab prices

A linear model to predict the Price of a 2004 Saab 9-3 (in $) from its Mileage (in miles) was fit to 38 cars that were available during the week of January 11, 2008 (Kelly's Blue Book, www.kbb.com). The model was:

Price = 24,356.15 - 0.0151 Mileage.

a) What is the explanatory variable?

b) What is the response variable?

c) What does the slope mean in this context?

d) What does the y-intercept mean in this context? Is it meaningful?

e) What do you predict the price to be for a car with 100,000 miles on it?

f) If the price for a car with 100,000 miles on it was $24,000, what would the residual be?

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