Chapter Three Exercises Exercise 3.9 At a used dealership, let X be an independent variable representing...

Chapter Three Exercises
Exercise 3.9
At a used dealership, let X be an independent variable representing the age in years of a motorcycle and Y be the dependent variable representing the selling price of used motorcycle. The data is now given to you.

X = {5, 10, 12, 14, 15}

Y = {500, 400, 300, 200, 100}

A.) Predict the selling price of a used motorcycle when the age is 11 years.
B.) Find a 95% confidence interval for E(y) when x = 11 years of age.
C.) Find a 95% prediction interval for y when x = 11 years of age.

Solutions

Expert Solution

Solution:

We can use the excel regression data analysis tool to find the regression equation.

A.) Predict the selling price of a used motorcycle when the age is 11 years.

B.) Find a 95% confidence interval for E(y) when x = 11 years of age.

to
C.) Find a 95% prediction interval for y when x = 11 years of age.

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Chapter Three Exercises Exercise 3.5 At a used dealership, let X be an independent variable representing...

Chapter Three Exercises Exercise 3.5 At a used dealership, let X be an independent variable representing the age in years of a motorcycle and Y be the dependent variable representing the selling price of used motorcycle. The data is now given to you. X = {5, 10, 12, 14, 15} Y = {500, 400, 300, 200, 100} A.) Construct a 95% confidence interval for B1. B.) Do the data provide sufficient evidence to indicate that X contributes information to the...

Exercise 3.3 At a used dealership, let X be an independent variable representing the age in...

Exercise 3.3 At a used dealership, let X be an independent variable representing the age in years of a motorcycle and Y be the dependent variable representing the selling price of used motorcycle. The data is now given to you. X = {5, 10, 12, 14, 15} Y = {500, 400, 300, 200, 100} A.) Calculate S2 and S. B.) Interpret S.

At a used dealership, let X be an independent variable representing the age in years of...

At a used dealership, let X be an independent variable representing the age in years of a motorcycle and Y be the dependent variable representing the selling price of used motorcycle. The data is now given to you. X = {5, 10, 12, 14, 15} Y = {500, 400, 300, 200, 100} 1) What is the value for S^2? 2) What is the value for s? 3) Construct a 95% confidence interval for B1. what is the upper bound and...

Let X be the random variable representing the number of calls received in an hour by...

Let X be the random variable representing the number of calls received in an hour by a 911 emergency service. A probability distribution of X is given below. Value of X 0 1 2 3 4 Probability P(x) 0.32 ____ ____ 0.16 0.08 (a) Suppose the probability that X = 1 and the probability that X = 2 are the same. What are these probabilities? Incorrect: Your answer is incorrect. (b) What is the probability that at least one call...

Two dice are rolled. Let X be the random variable representing the result of the first...

Two dice are rolled. Let X be the random variable representing the result of the first die, and Y be the random variable representing the largest value rolled on either die. Describe the joint probability density function for X and Y .

Let X be a random variable representing the number of years of education an individual has,...

Let X be a random variable representing the number of years of education an individual has, and let Y be a random variable representing an individual’s annual income. Suppose that the latest research in economics has concluded that: Y = 6X +U (1) is the correct model for the relationship between X and Y , where U is another random variable that is independent of X. Suppose Var(X) = 2 and Var(Y ) = 172. a. Find Var(U). b. Find...

Let X be a random variable representing a quantitative daily market dynamic (such as new information...

Let X be a random variable representing a quantitative daily market dynamic (such as new information about the economy). Suppose that today’s stock price S0 for a certain company is $150 and that tomorrow’s price S1 can be modeled by the equation S1 = S0 · eX. Assume that X is normally distributed with a mean of 0 and a variance of 0.5. (a) Find the probability that X is less than or equal to 0.1 (b) Suppose the daily...

Let x be a random variable representing percentage change in neighborhood population in the past few...

Let x be a random variable representing percentage change in neighborhood population in the past few years, and let y be a random variable representing crime rate (crimes per 1000 population). A random sample of six Denver neighborhoods gave the following information. x 31 1 11 17 7 6 y 177 39 132 127 69 53 In this setting we have Σx = 73, Σy = 597, Σx2 = 1457, Σy2 = 73,973, and Σxy = 9938. What percentage of...

QUESTION 1 Let x be a random variable representing the monthly cost of joining a health...

QUESTION 1 Let x be a random variable representing the monthly cost of joining a health club. We may assume that x has a normal distribution and that the population standard deviation is $5.20. A fitness magazine advertises that the mean monthly cost of joining a health club is $35. You work for a consumer advocacy group and are asked to test this claim. You find that a random sample of 40 health club monthly costs has a mean of...

Let x be a random variable representing percentage change in neighborhood population in the past few...

Let x be a random variable representing percentage change in neighborhood population in the past few years, and let y be a random variable representing crime rate (crimes per 1000 population). A random sample of six Denver neighborhoods gave the following information. PLEASE HELP WITH QUESTIONS (F) - (I) x 28 1 11 17 7 6 y 170 38 132 127 69 53 In this setting we have Σx = 70, Σy = 589, Σx2 = 1280, Σy2 = 71,467,...

Subjects