The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends upon many factors, including the model year, mileage, and condition. To investigate the relationship between the car's mileage and the sales price for a model year Camry, the following data show the mileage and sale price for sales (PriceHub website, February 24, 2012).

Miles(1000s) Price($1,000s)
22 16.2
29 16.0
36 13.8
47 11.5
63 12.5
77 12.9
73 11.2
87 13.0
92 11.8
101 10.8
110 8.3
28 12.5
59 11.1
68 15.0
68 12.2
91 13.0
42 15.6
65 12.7
110 8.3

Required:
(a) Test whether each of the regression parameters b0 and b1 are equal to zero at 0.01 level of significance.
(b) What are the correct interpretations of the estimated regression parameters?
(c) Are these interpretations reasonable?