Statement of a problem № m419


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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