Use the Following to Answer the Questions Below

Multiple Choice

Use the following to answer the questions below:
Data were collected on the age (in years) and price (in thousands of dollars) of a random sample of 25 used Hyundai Elantras. A scatterplot of the data (with regression line) and computer output from a regression analysis are provided.
Use three decimal places when reporting the results from any calculations, unless otherwise specified.
The regression equation is Price = 15.3 - 1.71 Age

-What is the estimated slope in this regression model? Interpret the slope in context.

A) The estimated slope is -1.71.
For each additional year of age, the predicted price of the car (used Hyundai Elantra) decreases by $1,710.
B) The estimated slope is -1.71.
For each additional year of age, the predicted price of the car (used Hyundai Elantra) decreases by $1.71.
C) The estimated slope is 15.3.
The cost of a new used Hyundai Elantra is approximately $15,300.
D) The estimated slope is 15.3.
For each additional year of age, the predicted price of the car (used Hyundai Elantra) decreases by $1530.