Question
In: Statistics and Probability
An automotive sales manager wishes to examine the relationship between age (years) and sales price ($)...
An automotive sales manager wishes to examine the relationship between age (years) and sales price ($) for a certain model of used automobile. The accompanying data table contains data for a sample of this model of automobile that were listed for sale at a car shopping website. Perform a square-root transformation of the dependent variable (price). Using the transformed dependent variable and the age as the independent variable, perform a regression analysis.
| Age | Price ($) |
| 13 | 3501 |
| 13 | 5378 |
| 13 | 3373 |
| 12 | 4954 |
| 12 | 6506 |
| 12 | 5948 |
| 11 | 5463 |
| 11 | 6286 |
| 11 | 6874 |
| 10 | 7631 |
| 10 | 6411 |
| 10 | 6203 |
| 9 | 6248 |
| 9 | 8010 |
| 9 | 6804 |
| 8 | 7456 |
| 8 | 8518 |
| 8 | 6930 |
| 7 | 7525 |
| 7 | 8937 |
| 7 | 8800 |
| 6 | 8076 |
| 6 | 9707 |
| 6 | 8903 |
| 5 | 11562 |
| 5 | 9428 |
| 5 | 9910 |
| 4 | 11000 |
| 4 | 12924 |
| 4 | 12074 |
| 3 | 11980 |
| 3 | 13526 |
| 3 | 12492 |
| 2 | 14465 |
| 2 | 13833 |
| 2 | 12910 |
| 1 | 18955 |
| 1 | 15724 |
| 1 | 17571 |
a. State the regression equation. (please show how to find this in excel, when I have gone into excel-data-regression-insert y and x values, I am not getting the right variables. Is there another step?
Determine how to find the test statistic and adjusted r^2
Solutions
Expert Solution
1. Bring data in to excel sheet
2.Select both x and y variable and insert scatter plot chart. Select any data point in the excel and add trend line. In the format trend line option choose "Linear" and also select "Display an equation on chart" & "Disaplay R-squared"
Regression Equation: 15805 - 928.95 x
R-squared: 0.8852
Anoth way to get the summary output:
Go to data tab--> Data analysis --> choose Regression
Result:
test statistic:
intercept: 36.20
age: -16.889
orchestra answered 2 years agoRelated Solutions
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