The data in the file UsedHondaCivics come from a sample of used Honda Civics listed for sale online in July 2006. Th e variables recorded are the car’s age (calculated as 2006 minus year of manufacture) and price. Consider conducting an analysis to test whether the sample data provide strong evidence of an association between a car’s price and age in the population in terms of the population slope.
a. Describe the population slope in the context of the study and assign a symbol to it.
b. State the appropriate null and alternative hypotheses in terms of the population slope using the symbol used in part (a).
c. Is a theory-based test appropriate? Why or why not?
d. Use a theory-based approach to find a p-value to test the hypotheses stated in part (b).
e. Summarize your conclusion based on the p-value reported in part (d).