Question
Hi, I need help with my Economics homework using excel Automobiles Automobile Engine Size (liters) Horsepower Acura CL 3.2 225 Acura RL 3.5 225 Acura
Hi, I need help with my Economics homework using excel
Automobiles | ||||||||||||
Automobile | Engine Size (liters) | Horsepower | | |||||||||
Acura CL | 3.2 | 225 | ||||||||||
Acura RL | 3.5 | 225 | ||||||||||
Acura TS-X | 2.4 | 200 | ||||||||||
Audi A6 | 3.0 | 220 | ||||||||||
Audi A8 | 4.2 | 310 | ||||||||||
BMW 320i | 2.2 | 168 | ||||||||||
BMW 325i | 2.5 | 184 | ||||||||||
BMW 330i | 3.0 | 225 | ||||||||||
BMW 540i | 4.4 | 290 | ||||||||||
BMW 745i | 4.4 | 325 | ||||||||||
BMW 760Li | 6.0 | 438 | ||||||||||
Buick Custom Century | 3.1 | 175 | ||||||||||
Buick Regal LS | 3.8 | 200 | ||||||||||
Cadillac CTS | 3.2 | 220 | ||||||||||
Cadillac Deville | 4.6 | 275 | ||||||||||
Chevrolet Cavalier | 2.2 | 140 | ||||||||||
Chevrolet Iimpala | 3.4 | 180 | ||||||||||
Chrysler 300M | 3.2 | 250 | ||||||||||
Chrysler Intrepid ES | 3.5 | 234 | ||||||||||
Chrysler Intrepid SE | 2.7 | 200 | ||||||||||
Chrysler Sebring LX | 2.4 | 150 | ||||||||||
Dodge SX | 2.0 | 132 | ||||||||||
Ford Focus | 2.0 | 110 | ||||||||||
Honda Accord DX | 2.4 | 160 | ||||||||||
Honda Accord LX | 3.0 | 240 | ||||||||||
Honda Civic | 1.7 | 115 | ||||||||||
Hyundai Accent | 1.5 | 90 | ||||||||||
Hyundai Elantra | 2.0 | 135 | ||||||||||
Hyundai Sonata GL | 2.4 | 138 |
This example examines whether a larger engine has greater horsepower.
(a) Show the summary statistics of engine size and horsepower.
(b) Construct a scatter plot of automobile horsepower (horsepower on the vertical axis; engine size on the horizontal axis).
(c) Are engine size and horsepower positively correlated? Calculate their correlation coefficient.
(d) Determine the regression equation (dependent variable is HORSEPOWER) and engine size (explanatory variable is ENGINE SIZE).
(e) Plot the regression line (hint: use MS Excel's Add Trendline feature)
(d) Compute the goodness of fit (coefficient of determination). Explain what it means in this specific example.
(f) Is the coefficient on engine size statistically significant at a 5% significance level? Explain.
(g) If the engine size of a new model of car is 3.8, what is its predicted horsepower based on the regression?
(h) If the average engine size increases by 2 liters, how much is the horsepower expected to change?
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