Homework Help is Here – Start Your Trial Now!
Math
Statistics
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Cars Revenue Company (1,000s) ($ millions) Company A 11.5 118 Company B 10.0 137 Company C 9.0 102 Company D 5.5 39 Company E 4.2 40 Company F 3.3 32 (a) Develop a scatter diagram with the number of cars in service as the independent variable. 160 T 160- 140 140 120 120- 100 100- te ($ millions) ne ($ millions)

Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Cars Revenue Company (1,000s) ($ millions) Company A 11.5 118 Company B 10.0 137 Company C 9.0 102 Company D 5.5 39 Company E 4.2 40 Company F 3.3 32 (a) Develop a scatter diagram with the number of cars in service as the independent variable. 160 T 160- 140 140 120 120- 100 100- te ($ millions) ne ($ millions)

Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
ChapterP: Prerequisites
SectionP.3: The Cartesian Plane And Graphs Of Equations
Problem 7ECP
See similar textbooks
icon
Related questions
Question
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Cars Revenue Company (1,000s) ($ millions) Company A 11.5 118 Company B 10.0 137 Company C 9.0 102 Company D 5.5 39 Company E 4.2 40 Company F 3.3 32 (a) Develop a scatter diagram with the number of cars in service as the independent variable. 160T 160T 140 140 120 . 120 100- 100 80 80- 60 60 . 40 40 20 20- 4 6 8 10 Cars in Service (1,000) 0 6 8 10 0 4 6 8 10 12 14 Cars in Service (1,000) Cars in Service (1,000) (b) What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? O There appears to be a negative linear relationship between cars in service (1,000s) and annual revenue ($ millions). There appears to be a positive linear relationship between cars in service (1,000s) and annual revenue ($ millions). O There appears to be no noticeable relationship between cars in service (1,000s) and annual revenue ($ millions). (c) Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.) ý = -16.71 - 13.0x + X (d). For every additional car placed in service estimate how much annual a will change (in dollars) (Round your ans the nearest integer) Annual Revenue ($ millions) Annual Revenue ($ millions) 0 160 T 140 120+ 100 80 60 40 20 2 2 4 6 10 Cars in Service (1,000) 12 14 Annual Revenue ($ millions) Annual Revenue ($ millions) 0 160 140 120 100 80 60 40- 20 2 2 12 12 14 14
Transcribed Image Text:Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Cars Revenue Company (1,000s) ($ millions) Company A 11.5 118 Company B 10.0 137 Company C 9.0 102 Company D 5.5 39 Company E 4.2 40 Company F 3.3 32 (a) Develop a scatter diagram with the number of cars in service as the independent variable. 160T 160T 140 140 120 . 120 100- 100 80 80- 60 60 . 40 40 20 20- 4 6 8 10 Cars in Service (1,000) 0 6 8 10 0 4 6 8 10 12 14 Cars in Service (1,000) Cars in Service (1,000) (b) What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? O There appears to be a negative linear relationship between cars in service (1,000s) and annual revenue ($ millions). There appears to be a positive linear relationship between cars in service (1,000s) and annual revenue ($ millions). O There appears to be no noticeable relationship between cars in service (1,000s) and annual revenue ($ millions). (c) Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.) ý = -16.71 - 13.0x + X (d). For every additional car placed in service estimate how much annual a will change (in dollars) (Round your ans the nearest integer) Annual Revenue ($ millions) Annual Revenue ($ millions) 0 160 T 140 120+ 100 80 60 40 20 2 2 4 6 10 Cars in Service (1,000) 12 14 Annual Revenue ($ millions) Annual Revenue ($ millions) 0 160 140 120 100 80 60 40- 20 2 2 12 12 14 14
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
SEE MORE TEXTBOOKS