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(15 pts) You want to examine the relationship between the age (X) and the price for used cars sold (Y in 10005} in the last
(15 pts) You want to examine the relationship between the age (X) and the price for used cars sold (Y in 10005} in the last year by a car dealership company. The data summarizes a dataset containing 11 observations as follows: XXI-=82; Z X? = 690; gig-=45 $11? = 205.88 ; Ext-19295.9 ; (a) Determine the least squares regression line (bl Calculate the standard error estimate 5. Hint: 1) What's the formula for r? 2) SSE = SST-55R: SST- (r2 * SST}. 3) After you get SSE, nd the s. (c) Predict at 95% confidence level price for used cars when the car age is 5. In other words, construct a 95% prediction interval for X=5. Let us assume 5 is within the range of X values in the dataset. Note: [Please write down all the formula to receive full points]
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