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The manager of a used-car dealership is very interested in the resale price of used cars. The manager feels that the age of the car
The manager of a used-car dealership is very interested in the resale price of used cars. The manager feels that the age of the car is important in determining the resale value. He collects data on the age and resale value of 15 cars and runs a regression analysis with the value of the car (in thousands of dollars) as the dependent variable and the age of the car (in years) as the independent variable. The partial results left are displayed below.
ANOVA df SS MS F P-value Regression 44.397 44.397 0.09914 Error 13 14.076 Total 14 227.389 Coefficients Standard Error t stat p-value Intercept 3.835 5.988 0.000 Age 0.640 -1.766Step by Step Solution
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