Question

In: Statistics and Probability

Ten corvettes between 1 and 6 years old were randomly selected from the classified ads of...

Ten corvettes between 1 and 6 years old were randomly selected from the classified ads of The Arizona Republic. The following data were obtained, where x denotes age, in years, and y denotes price, in hundreds of dollars.

X: 6 6 6 2 2 5 4 5 1 4

Y: 270 260 275 405 364 295 335 308 405 305

(A) Draw a scatter diagram

(B) Find the Linear Correlation coefficient r.

(C) Describe the shape, strength, and direction.

(D) Does a linear relationship exist

(E) between the age of a corvette and its price? (use the critical value to explain)

(F) If appropriate, explain the slope in context.

(G) If appropriate, explain the y-intercept in context.

(H) Predict the price of a one-year-old corvette.

(I) Find the Residual of a one-year-old corvette.

Expert Solution

X

y

(x-xbar)^2

(y-ybar)^2

(x-xbar)(y-ybar)

6
6
6
2
2
5
4
5
1
4

270
260
275
405
364
295
335
308
405
305

3.610
3.610
3.610
4.410
4.410
0.810
0.010
0.810
9.610
0.010

Sum: 30.900

2724.840
3868.840
2227.840
6855.840
1747.240
739.840
163.840
201.640
6855.840
295.840

Sum: 25681.600

-99.180
-118.180
-89.680
-173.880
-87.780
-24.480
-1.280
-12.780
-256.680
1.720

Sum: -862.200

orchestra answered 2 years ago

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