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Year New (X) Used Y) 1992 333,081 25,309 1993 379,522 28,310 1994 435,661 33,208 1995 464,642 37,840 1996 502,340 42,449 1997 518,972 46,537 1998 542,813
Year New (X) Used Y) 1992 333,081 25,309 1993 379,522 28,310 1994 435,661 33,208 1995 464,642 37,840 1996 502,340 42,449 1997 518,972 46,537 1998 542,813 51,873 1999 606,662 56,797 2000 630,962 58,726 2001 651,478 59,373 2002 647,038 61,827 2003 661,847 65,331 Instructions. The data on the number of cars sold per year for new and used cars are presented in the Excel sheet that is attached to this e-mail. Our interest is to see what relationship exists between these two variables and to predict used car sales (Y) using new car sales (X). In their analysis they should indicate the following: 1. Interpret the correlation coefficient. What is its value and its significance? 2. Interpret the coefficient of determination. What is its value and its significance? 3. What is your value of the Y-intercept and its meaning? 4. What is the value of the slope and its meaning? 5. Develop a regression equation. 6. Make a prediction when x is 600,000.
| Year | New (X) | Used Y) | ||||
| 1992 | 333,081 | 25,309 | ||||
| 1993 | 379,522 | 28,310 | ||||
| 1994 | 435,661 | 33,208 | ||||
| 1995 | 464,642 | 37,840 | ||||
| 1996 | 502,340 | 42,449 | ||||
| 1997 | 518,972 | 46,537 | ||||
| 1998 | 542,813 | 51,873 | ||||
| 1999 | 606,662 | 56,797 | ||||
| 2000 | 630,962 | 58,726 | ||||
| 2001 | 651,478 | 59,373 | ||||
| 2002 | 647,038 | 61,827 | ||||
| 2003 | 661,847 | 65,331 | ||||
| Instructions. The data on the number of cars sold per year for new and used cars are presented in the Excel sheet that is attached to this e-mail. Our interest is to see what relationship exists between these two variables and to predict used car sales (Y) using new car sales (X). In their analysis they should indicate the following: 1. Interpret the correlation coefficient. What is its value and its significance? 2. Interpret the coefficient of determination. What is its value and its significance? 3. What is your value of the Y-intercept and its meaning? 4. What is the value of the slope and its meaning? 5. Develop a regression equation. 6. Make a prediction when x is 600,000. | ||||||
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Applied Statistics In Business And Economics
Authors: David Doane, Lori Seward
4th Edition
9780073521480
