Please show all work. A national car rental agency wishes to analyze the relationship between the...

Please show all work.

A national car rental agency wishes to analyze the relationship between the mileage on used vehicles and the selling price. They selected a random sample of 12 comparably equipped 3-year-old Chevrolet Cruzes sold at auctions. The data on mileage and selling price are found below: PRICE MILEAGE 7000 60000 8500 52000 7000 62000 8900 48000 7600 55000 7200 60000 8500 50000 7800 53000 7200 58000 9000 48000 7200 60000 7700 55000 a) Find the regression equation relating Price to Mileage. b) Calculate the correlation coefficient, accurate to three decimal places c) Test the significance of the correlation coefficient with a 0.05 level of significance. Include definition of hypotheses, test statistic, p-value or critical value, decision about Ho, and conclusion. d) What is the best estimate for the price of a Chevy Cruze with 54,000 miles?

Expert Solution

a.

b. The correlation coefficient is -0.9702 as price of the car increases the mileage decreases.

c.

d.

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orchestra answered 2 years ago

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