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The data contains the price of new and used Taurus sedans. All prices for used cars are from 1995. For ex, a new Taurus bought in 1985 cost $11,790 and the wholesale used price of that car in 1995 was $1,700. A new Taurus bought in 1994 cost $18,680 and it could have been sold as used in 1995 for $12,600.

a. Use a visual check to see if there is any relationship between vehicle age and resale values.

b. You want to predict the resale value (as a percentage of the original price of the vehicle) as a function of the vehicle's age. Find an equation to do this. (You should try at least two equations and choose the one with the best fit). Interpret the results.

Microeconomics, Economics

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