Interpret slope and intercept of a linear model in the data context.
Interpret the slope of a fitted linear model
Problem
Interpret the slope of \(V(a)=12000-800a\), where \(a\) is car age in years and \(V\) is predicted value in dollars.
Big Picture
What this problem is really about
A fitted slope describes the predicted output change associated with one additional input unit. We’ll interpret the negative coefficient as loss, attach dollars per year, and state the magnitude for increasing car age. The word predicted matters because this model summarizes association and does not guarantee an identical depreciation amount for every individual vehicle.
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