Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with the estimated cost to purchase and the age of the vehicle.

a. Plot these data on a scatter diagram with estimated cost as the dependent variable.

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b. Find the correlation coefficient.

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c. A regression analysis was performed and the resulting regression equation is Estimated Cost = 18358 - 1534 Age. Interpret the meaning of the slope.

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d. Estimate the cost of a five-year-old car.

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e. Here is a portion of the regression software output. What does it tell you?

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f. Using the .10 significance level, test the significance of the slope. Interpret the result. Is there a significant relationship between the two variables?

Vehicle Estimated Cost Age Honda Insight Toyota Prius Toyota Prius Toyota Echo Honda Civic Hybrid Honda Civic Hybrid $5,555 $17,888 $9,963 $6,793 $10,774 $16,310 $2,475 $2,808 S7,073 $8,978 $11,213 $9,463 $15,055 $20,705 8 3 6 2 Chevrolet Prizm Mazda Protege Toyota Corolla Acura Integra Scion xB 10 9 8 2 Scion xA Mazda3 2 Mini Cooper 2 322