Question
In: Statistics and Probability
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.
| Car | Age (years) | Selling Price ($000) | ||||||||
| 1 | 9 | 8.1 | ||||||||
| 2 | 7 | 6.0 | ||||||||
| 3 | 11 | 3.6 | ||||||||
| 4 | 12 | 4.0 | ||||||||
| 5 | 8 | 5.0 | ||||||||
| 6 | 7 | 10.0 | ||||||||
| 7 | 8 | 7.6 | ||||||||
| 8 | 11 | 8.0 | ||||||||
| 9 | 10 | 8.0 | ||||||||
| 10 | 12 | 6.0 | ||||||||
| 11 | 6 | 8.6 | ||||||||
| 12 | 6 | 8.0 | ||||||||
Click here for the Excel Data File
-
Determine the standard error of estimate. (Round your answer to 3 decimal places.)
-
Determine the coefficient of determination. (Round your answer to 2 decimal places.)
-
Interpret the coefficient of determination. (Round your answer to the nearest whole number.)
Solutions
Expert Solution
Let X: age , Y : selling price
coefficient
of determination
R-sq = (SSR/SST) = ( 10.9674 / 40.8892 ) = 0.2682
R-sq = 26.82%
Interpretation: 26.82% variation in dependent variable selling price explained by independent variable age.
orchestra answered 1 year agoRelated Solutions
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
13
13.1
2
10
11.8
3
15
5.7
4
17
4.9
5
11
6.8
6
10
14.0
7
11
11.4
8
15
9.8
9
15
9.8
10
17
4.5
11
8
13.0
12
8
11.0...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year. Car: 1. 2, 3, 4,5,6,7,8,9,10,11,12
Age (years):9,6,11,15,8,6,8,12,9,15,5,5
Selling Price ($000): 10.4, 8.6, 4.3, 3.5, 5.1, 11.0, 9.1, 7.5,
7.5, 2.1,11.1, 10.1
Click here for the Excel Data File Determine the regression
equation. (Negative amounts should be indicated by a minus sign.
Round...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
11
12.1
2
8
10.5
3
14
5.7
4
17
4.9
5
9
5.0
6
8
13.4
7
10
10.5
8
14
9.0
9
13
9.0
10
17
4.5
11
6
12.5
12
6
11.5...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
15
12.0
2
10
10.1
3
17
5.4
4
19
4.9
5
12
5.6
6
11
12.6
7
13
9.7
8
17
9.0
9
16
9.0
10
19
4.9
11
8
11.4
12
8
9.9...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price ($000)
1
9
12.0
2
8
10.9
3
10
4.6
4
12
4.3
5
9
5.6
6
8
13.5
7
9
8.9
8
11
9.7
9
10
9.7
10
12
2.7
11
6
10.6
12
6
8.9...
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Volvo wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at the dealership during the
last year.
Car
Age (years)
Selling Price
($000)
1
11
12.2
2
8
11.0
3
16
4.9
4
18
4.1
5
9
6.7
6
8
13.6
7
10
11.1
8
16
9.0
9
14
9.0
10
18
4.2
11
6
12.1
12
6
10.4...
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Mercury-Volvo wants to study the
relationship between the age of a car and its selling price. Listed
below is a random sample of 12 used cars sold at the dealership
during the last year.
Car Age (years) Selling price
1 9 11.6
2 5 10.0
3 12 3.2
4 15 3.7
5 7 7.0
6 6 12.5
7 8 7.8
8 13 8.4
9 12 8.4
10 15 4.8
11 4 9.2
12 4 7.3...
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Mercury-Volvo wants to study the
relationship between the age of a car and its selling price. Listed
below is a random sample of 12 used cars sold at the dealership
during the last year.
Car Age (years) Selling price
1 9 11.6
2 5 10.0
3 12 3.2
4 15 3.7
5 7 7.0
6 6 12.5
7 8 7.8
8 13 8.4
9 12 8.4
10 15 4.8
11 4 9.2
12 4 7.3...
The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car...
The owner of Maumee Ford-Mercury-Volvo wants to study the
relationship between the age of a car and it selling price. Listed
below is a random sample of 12 used cars sold at the dealership
during the last year.
Car
Age (Years)
Selling Price ($000)
1
9
8.1
2
7
6.0
3
11
3.6
4
12
4.0
5
8
5.0
6
7
10.0
7
8
7.6
8
11
8.0
9
10
8.0
10
12
6.0
11
6
8.6
12
6
8.0...
The owner of Maumee Motors wants to study the relationship between the age of a car...
The owner of Maumee Motors wants to study the relationship
between the age of a car and its selling price. Listed below is a
random sample of 12 used cars sold at Maumee Motors last
year:
Car
Age (years)
Selling Price ($ ‘000)
Car
Age (years)
Selling Price ($ ‘000)
1
9
8.1
7
8
7.6
2
7
6.0
8
11
8.0
3
11
3.6
9
10
8.0
4
12
4.0
10
12
6.0
5
8
5.0
11
6
8.6...
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