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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 1000S) in the last
(15 pts) You want to examine the relationship between the age (X) and the price for used cars sold (Y in 1000S) in the last year by a car dealership company. The data summarizes a dataset containing 11 observations as follows: ZX=82; 2X52 = 690; z Yi=45 ;2 Y5 = 205.88 ; ZXilQ=2953 ; (3) Determine the least squares regression line (b) 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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