Would you expect a positive or negative correlation between the model mileage and price? 2 .Is mileage
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- Would you expect a positive or negative correlation between the model mileage and price?
2 .Is mileage the independent or dependent variable?
3.What is your regression equation for the best fit line? Be sure to confirm your equation from Excel with your TI-84.
4. dentify the values for the following from Excel.
- Slope of regression line:
- y-intercept of regression line:
- Coefficient of determination (r2):
- Linear correlation coefficient (r):
- Interpret the linear correlation coefficient (r). Does it agree with the strength and slope of your scatter plot?
- Determine if there is a significant negative linear correlation at the 10% level of significance.
- State the null and alternate hypotheses to test for a significant negative linear correlation.
- Determine the critical value and sketch (or describe) the rejection region.
- Record the test statistic (t) from your Excel printout.
- Use the traditional method to make a conclusion, explain why, and interpret in context.
- Based on your conclusion from #4d, is this regression equation appropriate for predicting the price of a Civic? If so, for which mileages is it appropriate?
- If appropriate, use the regression equation to determine the sale price for a Honda Civic with 100,000 miles on it.
Interpret the coefficient of determination (r2) in context.
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Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
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