Question

In: Statistics and Probability

On October 17, 2007, the classified ads on the web site of The Seattle Times listed...

On October 17, 2007, the classified ads on the web site of The Seattle Times listed the following 13 used Toyota Prius automobiles for sale; the data set below shows the year, color, mileage (in miles) and asking price (in U.S. dollars) for each car:

year     color      mileage     price
2006     green        17043     25995
2007     gray         12628     24980
2005     maroon       24039     24885
2005     silver       48226     23995
2006     black        10522     22995
2004     silver       66345     21995
2007     white         5611     21995
2005     gold         24479     21595
2004     white        14618     20995
2005     silver       53699     20980
2004     silver       47649     17995
2003     white        39600     17500
2005     black       103126     16995

1. compute the correlation between mileage and price:

Solutions

Expert Solution

1)

S.No X Y (x-x̅)2 (y-y̅)2 (x-x̅)(y-y̅)
1 17043 25995 358158536.5444 17922196.60 -80118585.2663
2 12628 24980 544759190.7751 10358494.67 -75119139.8817
3 24039 24885 142302876.2367 9756011.98 -37260012.9586
4 48226 23995 150256678.1598 4988350.44 27377599.7337
5 10522 22995 647502830.7751 1521427.37 -31386757.1893
6 66345 21995 922757455.6213 54504.29 7091843.1953
7 5611 21995 921552119.3136 54504.29 -7087209.8817
8 24479 21595 131998888.5444 27735.06 1913373.1953
9 14618 20995 455825784.6213 587581.21 16365655.1183
10 53699 20980 314385633.1598 610802.37 -13857398.3432
11 47649 17995 136443963.9290 14186811.98 -43996646.0355
12 39600 17500 13190865.2367 18160710.06 -15477579.8817
13 103126 16995 4510186632.0059 22719888.91 -320110823.3432
Total 467585 282900 9249321454.9231 100949019.23 -571665681.5385
Mean 35968.077 21761.54 SSX SSY SXY
correlation coefficient r= Sxy/(√Sxx*Syy) = -0.5916

orchestra answered 2 years ago
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