Beanie Babies are toy stuffed animals that have become valuable colector's items since the introduction of Ally the Alligator in 1994 Beanie World Magazine provided the information on 50 beanie babies which is available inbeanie csv We are interested in determining if age can be used to accurately predict its market value The unit forage is month and the unit forvalue is dollar (Hint you only need to focus on variables ofage andvalue ) Plot the scatter diagram ofage (x axis) versusvalue (y axis) Calculate the Pearson correlation betweenage andvalue Conduct a simple regression analysis and obtain the least square fit forvalue (response variable) onage (predictor) Write down the hypotheses (null and alternative) for testing the association betweenage andvalue using a linear line What proportion of the variability invalue is explained by the straight regression line Do the data provide sufficient evidence to indicate that there is a significant association betweenage andvalue (Use type I error at 0 05) Interpret the point estimate of the slope in the fitted linear regression in 3) Find a 95 confidence interval for the slope ofAge What value is predicted if age is 6 years old Calculate the corresponding prediction interval in question 9) B C E F G H NUMID INAME AGE STATUS VALUE 1 Ally 52 R 55 2 Batty 12 C 12 3 Bongo 28 R 40 4 Blackie 52 C 10 5 Bucky 40 R 45 J 6 Bumble 28 R 600 8 7 Crunch 21 C 10 9 8 Congo 28 C 10 10 9 Derby 28 R 30 11 10 Digger 40 R 150 12 11 Echo 17 R 20 13 12 Fetch 5C 15 14 13 Early 5C 20 15 14 Flip 28 R 40 16 15 Garcia 28 R 200 17 16 Happy 52 R 20 18 17 Grunt 28 R 175 19 18 Gigi 5 C 15 20 19 Goldie 52 R 45 21 20 Iggy 10 C 10 22 21 Inch 28 R 20 23 22 Jake 5 C 20 24 23 Kiwi 40 R 165 25 24 Kuku 5 C 20 26 25 Mistic 11 R 45 27 26 Mel 21 C 10 28 27 Nanook 17 C 15 29 28 Nuts 21 C 10 30 29 Peace 17 C 25 31 30 Patty 64 R 800 32 31 Quacker 40 R 15 33 32 Puffer 10 C 15 34 33 Princess 12 C 65 35 34 Scottie 28 R 28 36 35 Rover 28 R 15 37 36 Rex 40 R 825 38 37 Sly 28 C 10 39 38 Slither 52 R 1900 40 39 Skip 21 C 10 41 40 Splash 52 R 150 42 41 Spooky 28 R 40 43 42 Snowball 12 R 40 44 43 Stinger 5C 15 45 44 Spot 52 R 65 46 45 Tank 28 R 85 47 46 Stripes 40 R 400 48 47 Teddy 12 R 50 49 48 Tuffy 17 C 10 50 49 Tracker 5C 15 51 50 Zip 28 R 40

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Beanie Babies are toy stuffed animals that have become valuable colector's items since the introduction of Ally the Alligator in 1994. Beanie World Magazine provided

Beanie Babies are toy stuffed animals that have become valuable colector's items since the introduction of Ally the Alligator in 1994. Beanie World Magazine provided the information on 50 beanie babies which is available inbeanie.csv. We are interested in determining if age can be used to accurately predict its market value. The unit forage is month and the unit forvalue is dollar. (Hint: you only need to focus on variables ofage andvalue.)

Plot the scatter diagram ofage (x-axis) versusvalue (y-axis).
Calculate the Pearson correlation betweenage andvalue.
Conduct a simple regression analysis and obtain the least square fit forvalue (response variable) onage (predictor).
Write down the hypotheses (null and alternative) for testing the association betweenage andvalue using a linear line.
What proportion of the variability invalue is explained by the straight regression line?
Do the data provide sufficient evidence to indicate that there is a significant association betweenage andvalue? (Use type I error at 0.05)
Interpret the point estimate of the slope in the fitted linear regression in 3).
Find a 95% confidence interval for the slope ofAge.
What value is predicted if age is 6 years old?
Calculate the corresponding prediction interval in question 9).

B C E F G H NUMID INAME AGE STATUS VALUE 1 Ally 52 R 55 2 Batty 12 C 12 3 Bongo 28 R 40 4 Blackie 52 C 10 5 Bucky 40 R 45 -J 6 Bumble 28 R 600 8 7 Crunch 21 C 10 9 8 Congo 28 C 10 10 9 Derby 28 R 30 11 10 Digger 40 R 150 12 11 Echo 17 R 20 13 12 Fetch 5C 15 14 13 Early 5C 20 15 14 Flip 28 R 40 16 15 Garcia 28 R 200 17 16 Happy 52 R 20 18 17 Grunt 28 R 175 19 18 Gigi 5 C 15 20 19 Goldie 52 R 45 21 20 Iggy 10 C 10 22 21 Inch 28 R 20 23 22 Jake 5 C 20 24 23 Kiwi 40 R 165 25 24 Kuku 5 C 20 26 25 Mistic 11 R 45 27 26 Mel 21 C 10 28 27 Nanook 17 C 15 29 28 Nuts 21 C 10 30 29 Peace 17 C 25 31 30 Patty 64 R 800 32 31 Quacker 40 R 15 33 32 Puffer 10 C 15 34 33 Princess 12 C 65 35 34 Scottie 28 R 28 36 35 Rover 28 R 15 37 36 Rex 40 R 825 38 37 Sly 28 C 10 39 38 Slither 52 R 1900 40 39 Skip 21 C 10 41 40 Splash 52 R 150 42 41 Spooky 28 R 40 43 42 Snowball 12 R 40 44 43 Stinger 5C 15 45 44 Spot 52 R 65 46 45 Tank 28 R 85 47 46 Stripes 40 R 400 48 47 Teddy 12 R 50 49 48 Tuffy 17 C 10 50 49 Tracker 5C 15 51 50 Zip 28 R 40