Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with
Question:
Emily Smith decides to buy a fuel-efficient used car. Here are several vehicles she is considering, with the estimated cost to purchase and the age of the vehicle.
a. Create a scatter plot of the data. What do you observe?
b. Calculate the correlation coefficient. What does it indicate about the relationship between cost and age?
c. Complete a regression analysis of the relationship. Report and interpret the coefficient of determination.
d. Write the regression equation that predicts cost.
e. Is the slope of the regression line significantly different from zero? Why?
f. Estimate the cost of a 5-year-old car.
Transcribed Image Text:
Vehicle Estimated Cost Age Honda Insight Toyota Prius Toyota Prius $5,555 $17,888 8 3 $9,963 $6,793 6 Toyota Echo Honda Civic Hybrid Honda Civic Hybrid $10,774 $16,310 2 $2,475 $2,808 Chevrolet Cruz 8 Mazda3 10 $7,073 $8,978 $11,213 Toyota Corolla Acura Integra 8 Scion xB 2 $9,463 $15,055 Scion xA 3 Mazda3 Mini Cooper $20,705 2
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a Compute by hand or use Excel to compute the correlation ...View the full answer
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Related Book For
Statistical Techniques In Business And Economics
ISBN: 9781260239478
18th Edition
Authors: Douglas Lind, William Marchal, Samuel Wathen
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