Question
When trying to decide what car to buy, real value is not necessarily determined by how much you spend on the initial purchase. Instead, cars
When trying to decide what car to buy, real value is not necessarily determined by how much you spend on the initial purchase. Instead, cars that are reliable and dont cost much to own often represent the best values. But no matter how reliable or inexpensive a car may cost to own, it must also perform well.
To measure value, Consumer Reports developed a statistic referred to as a value score.
The value score is based upon five-year owner costs, overall road-test scores, and predicted-reliability ratings. Five-year owner costs are based upon the expenses incurred in the first five years of ownership, including depreciation, fuel, maintenance and repairs, and so on. Using a national average of 12,000 miles per year, an average cost per mile driven is used as the measure of five-year owner costs. Road-test scores are the results of more than 50 tests and evaluations and are based on a 100-point scale, with higher scores indicating better performance, comfort, convenience, and fuel economy. The highest road-test score obtained in the tests conducted by Consumer Reports was a 99 for a Lexus LS 460L. Predicted-reliability ratings (1 = Poor, 2 = Fair, 3 = Good, 4 = Very Good, and 5 = Excellent) are based upon data from Consumer Reports Annual Auto Survey. A car with a value score of 1.0 is considered to be an average-value car. A car with a value score of 2.0 is considered to be twice as good a value as a car with a value score of 1.0; a car with a value score of 0.5 is considered half as good as average; and so on.
The data for three sizes of cars (13 small sedans, 20 family sedans, and 21 upscale sedans), including the price ($) of each car tested, are provided as csv file
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Size Price Cost.per.MileRoad.ScoreReliability Value.Score Small Sedan 16419 0.44 70 4 1.99 Small Sedan 18895 0.5 74 5 1.94 Small Sedan 18404 0.47 71 4 1.89 Small Sedan 19745 0.52 70 5 1.82 Small Sedan 18445 0.53 80 3 1.64 Small Sedan 20150 0.57 74 4 1.51 Small Sedan 19040 0.57 71 3 1.32 Small Sedan 20280 0.52 68 2 1.3 Small Sedan 16595 0.47 61 2 1.25 Small Sedan 20300 0.54 60 3 1.24 Small Sedan 25100 0.5 68 2 1.18 Small Sedan 18375 0.57 67 1 0.96 Small Sedan 20530 0.6 69 1 0.91 Family Sedan 23970 0.59 91 4 1.75 Family Sedan 21885 0.58 81 4 1.73 Family Sedan 23830 0.59 83 4 1.73 Family Sedan 32360 0.63 84 5 1.7 Family Sedan 23730 0.56 80 4 1.62 Family Sedan 22035 0.58 73 4 1.6 Family Sedan 21800 0.56 89 3 1.58 Family Sedan 23625 0.57 76 4 1.55 Family Sedan 24115 0.57 74 3 1.48 Family Sedan 29050 0.72 84 4 1.43 Family Sedan 28400 0.67 80 4 1.42 Family Sedan 30335 0.69 93 4 1.42 Family Sedan 28090 0.66 89 3 1.39 Family Sedan 28695 0.67 90 3 1.36 Family Sedan 30790 0.74 81 4 1.34 Family Sedan 30055 0.71 75 4 1.32 Family Sedan 30094 0.71 88 3 1.29 Family Sedan 28045 0.67 83 3 1.2 Family Sedan 27825 0.7 52 5 1.2 Family Sedan 28995 0.67 63 3 1.05 Upscale Sedan 38615 0.77 91 5 1.45 Upscale Sedan 36465 0.75 82 5 1.41 Upscale Sedan 33734 0.75 84 5 1.4 Upscale Sedan 34225 0.73 86 4 1.37 Upscale Sedan 38939 0.75 83 4 1.36 Upscale Sedan 29675 0.67 84 3 1.35 Upscale Sedan 37225 0.79 95 4 1.33 Upscale Sedan 35485 0.73 86 3 1.27 Upscale Sedan 39850 0.78 92 3 1.22 Upscale Sedan 35100 0.76 77 4 1.18 Upscale Sedan 33700 0.78 83 3 1.17 Upscale Sedan 28840 0.65 77 2 1.14 Upscale Sedan 37160 0.8 77 4 1.12 Upscale Sedan 39175 0.79 77 3 1.1 Upscale Sedan 35895 0.76 76 3 1.08 Upscale Sedan 34980 0.78 73 3 1.07 Upscale Sedan 32135 0.71 79 2 1.06 Upscale Sedan 37325 0.83 77 3 1.04 Upscale Sedan 32680 0.73 82 2 1.04 Upscale Sedan 31615 0.7 69 3 1 Upscale Sedan 37555 0.81 74 2 0.82
We want to model the Value.Score as a function of the other variables in the data set. Create a multiple linear regression model with Value.Score as the dependent, and the other variables as the independent variables. Provide the following numbers for the linear regression model parameters and p values. Round your answers to three decimals, e.g., 12.345 or 0.004 (please use 0.004 , not .004)
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