Question

Without doing any calculations, fill in the blanks. Based on the sample data in Table \(14.4\), the predicted price for a \(4-\)year old Orion is \($11,443\). A point estimate for the mean price of all \(4-\)year old Orion's, based on the same sample data is ___.

Short answer

The mean price is the same as the predicted price.

Step-by-step solution

Step 1. Given information

A point estimate for the mean price of all 4-year old Orions, based on the sample data, is--------

Step 2. Explanation

The predicted price \($11,443\). The mean of \(\hat{y_{p}}\) equals the conditional mean of the response variable corresponding to the value \(x_{p}\) of the predictor variable means that the point estimate for the mean price is the same as the predicted price.