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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. Plot these data on a scatter diagram with estimated cost as the dependent variable.
b. Find the correlation coefficient.
c. A regression analysis was performed and the resulting regression equation is Estimated Cost 5 18358 2 1534 Age. Interpret the meaning of the slope.
d. Estimate the cost of a five-year-old car.
e. Here is a portion of the regression software output. What does it tell you?
f. Using the .10 significance level, test the significance of the slope. Interpret the result. Is there a significant relationship between the twovariables? |
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