The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.

 

Car

Age (years)

Selling Price ($000)

Car

Age (years)

Selling Price ($000)

1

9

8.1

7

8

7.6

2

7

6.0

8

11

8.0

3

11

3.6

9

10

8.0

4

12

4.0

10

12

6.0

5

8

5.0

11

6

8.6

6

7

10.0

12

6

8.0



Picture Click here for the Excel Data File
 

a.

If we want to estimate selling price on the basis of the age of the car, which variable is the dependent variable and which is the independent variable?

 

 

 

   is the independent variable and  is the dependent variable.

 

b-1.

Determine the correlation coefficient. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)

 

X

Y

Picture

Picture

(Picture )2

(Picture )2

(Picture )(Picture )

9.0  

8.1  

correlation between age of car and selling price. So, H0 . There is between beers consumed and BAC.

 

The following sample observations were randomly selected.

 

PictureClick here for the Excel Data File

 

 

X:

 5

 3

6

 3

 4

 4

6

8

Y:

13

15

7

12

13

11

9

5


 

a.

Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)

 

X

Y

Picture

Picture

(Picture)2

(Picture)2

(Picture )(Picture )

5  

13   

H0 and conclude the slope is zero.

The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.


 

Car

Age (years)

Selling Price ($000)

1  

 

9  

 

8.1  

 

2  

 

7  

 

6.0  

 

3  

 

11  

 

3.6  

 

4  

 

12  

 

4.0  

 

5  

 

8  

 

5.0  

 

6  

 

7  

 

10.0  

 

7  

 

8  

 

7.6  

 

8  

 

11  

 

8.0  

 

9  

 

10  

 

8.0  

 

10  

 

12  

 

6.0  

 

11  

 

6  

 

8.6  

 

12  

 

6  

 

8.0  

 


  

Picture Click here for the Excel Data File
  

a.

Determine the standard error of estimate. (Round your answer to 3 decimal places.)

 

 

 

  Standard error of estimate

dependent, independent

 
 

c.

What is the number 0.286 called?

 

 

 

H0. of the regression coefficients are zero.

 

For X1

For X2

For X3

For X4

For X5

H0: β1 = 0

H0: β2 = 0

H0: β3 = 0

H0: β4 = 0

H0: β5 = 0

H1: β1 ≠ 0

H1: β2 ≠ 0

H1: β3 ≠ 0

H1: β4 ≠ 0

H1: β5 ≠ 0


 

d-1.

State the decision rule for .05 significance level. (Round your answers to 3 decimal places.)

 

 

 

  Reject H0 if t<.

 

 

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