Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider this regression analysis output table. SUMMARY OUTPUT Dependent Variable: Price ($) Regression Statistics Multiple R 0.8869 R square 0.7866 Adjusted R Square 0.7562 Standard

Consider this regression analysis output table. SUMMARY OUTPUT Dependent Variable: Price ($) Regression Statistics Multiple R 0.8869 R square 0.7866 Adjusted R Square 0.7562 Standard Error 1,564.16 Observations 17 ANOVA df SS MS F Significance f Regression 2 1.26E+08 6.31E+07 25.81 0.0000 Residual 14 3.43E+07 2.45E+06 Total 16 1.61E+08 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept -780,540.27 166,349.27 -4.69 0.0003 -1,137,323.97 -423,756.57 Year 395.20 83.12 4.75 0.0003 216.92 573.48 Mileage -0.05 0.01 -5.47 0.0001 -0.07 -0.03 A used car sales manager wants to predict the selling price of cars based on the car's year and its mileage. Which of these statements accurately describes this relationship? On average, as mileage increases by 1, price decreases by $0.05. On average, as mileage decreases by 0.05, price increases by $1. On average, as mileage increases by 1, price increases by $0.05, provided the year remains constant. On average, as mileage increases by 1, price decreases by $0.05, provided the year remains constant

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra and Trigonometry

Authors: Ron Larson

10th edition

9781337514255, 1337271179, 133751425X, 978-1337271172

More Books

Students also viewed these Mathematics questions