Price Mileage Age Price Mileage Age Price Mileage Age 16,998 35,000 11,599 95,000 18,998 20,000 17,599 16,00 11,499 123,000 12,599 63,00 15,998 42,000 14,599 54,000 12,599 70,000 15,998 60,000 10,599 68,000 10 10,998 88,000 10 11,599 102,000 6,998 40,000 11,998 86,000 14,998 109,000 20,998 7,000 11,998 60,000 6 14,998 60,00 1,599 82,000 17,599 45,000 11,599 88,000 12,599 70,000 9,998 97,000 11 12,599 58,000 13,599 86,000 9,998 60,000 11 14,998 27,000 11,599 92,000 16,998 36,000 15,998 32,00 9,599 120,000 10 17,599 45,000 (a) Develop an estimated regression equation that predicts the selling price of a used Honda Accord given the mileage and age of the car. (Round your numerical values to two decimal places. Let x, represent mileage, x2 represent age, and y represent the selling price.) (b) Is multicollinearity an issue for this model? Find the correlation between the independent variables to answer this question. (Round your answer to two decimal places.) The correlation between age and mileage is . Since this is ? ) 0.70, we conclude that multicollinearity -Select-- c an issue. (c) Use the F test to determine the overall significance of the relationship. State the null and alternative hypotheses. O Ho: One or more of the parameters is not equal to zero. Ha: B1 = $2 = 0 Ho: Bo $ 0 Ha: Po = 0 O Ho: B1 = B2 = 0 Ha: One or more of the parameters is not equal to zero. O Ho: $1 = $2 = 0 Ha: All the parameters are not equal to zero. Ho: Bo = 0 Ha: Bo # 0 Calculate the test statistic. (Round your answer to two decimal places.) Calculate the p-value. (Round your answer to four decimal places.) -value = What is your conclusion at the 0.05 level of significance? O Reject Ho. There is sufficient evidence to conclude that there is a significant relationship. O Reject Ho. There is insufficient evidence to conclude that there is a significant relationship. Do not reject Ho. There is sufficient evidence to conclude that there is a significant relationship. Do not reject Ho. There is insufficient evidence to conclude that there is a significant relationship. (d) Use the t test to determine the significance of the independent variable mileage. State the null and alternative hypotheses. oz '9:HO Ha: B, 0 Find the value of the test statistic for , . (Round your answer to two decimal places.) Find the p-value for , . (Round your answer to four decimal places.) p-value = What is your conclusion at the 0.05 level of significance? O Reject Ho. There is sufficient evidence to conclude that mileage is a significant factor. O Reject Ho. There is insufficient evidence to conclude that mileage is a significant factor. Do not reject Ho. There is sufficient evidence to conclude that mileage is a significant factor. Do not reject Ho. There is insufficient evidence to conclude that mileage is a significant factor. Use the t test to determine the significance of the independent variable age. State the null and alternative hypotheses. O Ho: 2 = 0 Ha: B2 + 0 OHo: B 2 20 Ha: B2 0 OH: B 2 SO Ha: B2 > 0 Find the value of the test statistic for $2. (Round your answer to two decimal places.) Find the p-value for 2. (Round your answer to four decimal places.) p-value = What is your conclusion at the 0.05 level of significance? Reject Ho. There is sufficient evidence to conclude that age is a significant factor. O Reject Ho. There is insufficient evidence to conclude that age is a significant factor. Do not reject Ho. There is sufficient evidence to conclude that age is a significant factor. Do not reject Ho. There is insufficient evidence to conclude that age is a significant factor
